ONLINE and financial scams inflicted losses of RM2.77bil last year, the highest in three years, the Dewan Rakyat was told.
The Home Ministry said that RM5.62bil was lost to financial scams between 2023 and 2025.
In 2023, financial scams recorded losses of 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 legislation, including Section 424A up to Section 424D of the Penal Code, which carries 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 as well as both domestic and international enforcement agencies.
“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 yesterday.
The ministry is also studying the possibility of amending existing laws, including several provisions under the Penal Code, Communications and Multimedia Act, as well as legislation related to money laundering, among others.
“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 due to online scams in the past three years and steps taken to address the matter.
