KUALA LUMPUR: Some RM2.77bil was lost through financial scams last year, the highest figure over the past three years, the Dewan Rakyat was told.
The Home Ministry said that RM5.62bil was lost due to financial scams between 2023 and 2025. In 2023, financial scams recorded losses up to RM1.28bil, with the figure rising to RM1.57bil in 2024.
The figures comprise various online scam tactics including phone scams, love scams, e-commerce crimes, e-financing scams as well as non-existent loans and investments.
According to the ministry, the police are increasing enforcement under existing legislations, including Section 424A to Section 424D of the Penal Code, which incurs heavy penalties for scams in line with the increasing gravity of the crime.
“Strategic cooperation is also being carried out between the police, financial institutions, telecommunications companies and both domestic and international enforcement agencies.
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“This is done through information sharing and technical support to enhance preventive measures, tracing, investigation and prosecutions towards online scam syndicates,” it said in a written reply on Thursday (Jan 22).
The ministry is also studying the possibility of amending existing laws, including several provisions under the Penal Code, Communication and Multimedia Act as well as legislations related to money laundering.
“This allows penalties and seizures to be further carried out against online scams. It will also encompass action against mule account holders or agents and quarters involved in online scams,” it said.
The ministry was responding to a question by Datuk Larry Sng (PBM-Julau) who asked about losses incurred due to online scams in the past three years and steps taken to address the matter.
