KUALA LUMPUR: Malaysia recorded nearly RM8bil in losses from online fraud over a six-year period, says Datuk Seri Saifuddin Nasution Ismail, adding that the figure highlights the scale of financial crime.
He said statistics from 2020 to 2025 showed 209,300 cases of online fraud, with total losses amounting to RM7.97bil, driven mainly by telecommunications-related scams and e-commerce fraud.
"These figures reflect a serious and growing threat, with significant financial and social impact on victims," he said in a parliamentary written reply on Wednesday (Feb 4).
Saifuddin Nasution said the single largest fraud case recorded during the period involved a local bank, with reported losses of RM203.8mil in November last year.
He added that the case did not involve customer accounts.
"Police have arrested 47 individuals, of whom three have been charged under Section 424C(1) of the Penal Code for offences involving mule accounts, while 44 others remain under investigation," he said.
He also said that the police are finalising investigation papers with the cooperation of CyberSecurity Malaysia and Bank Negara Malaysia.
The second-largest case, he said, involved a nonexistent investment scheme reported in February last year, with losses estimated at about RM40mil.
"The case is being investigated under Section 420 of the Penal Code for cheating."
Saifuddin Nasution said the scam involved cryptocurrency investment offers, with digital assets worth US$6.4mil, or about RM40mil, transferred to multiple crypto wallets.
"Investigations are ongoing, including the verification of crypto transactions with relevant agencies," he added.
To curb online fraud, he said the government has strengthened strategic cooperation among the police, financial institutions, telecommunications companies and enforcement agencies locally and abroad through information-sharing mechanisms, joint operations and technical support.
From a legal standpoint, he said the government is also reviewing proposed amendments to laws, including the Penal Code, the Communications and Multimedia Act 1998, and legislation related to anti-money laundering and terrorism financing.
"These efforts aim to impose harsher penalties, increase asset forfeiture and take action not only against syndicates but also against mule account holders, agents and accomplices," he added.
V Ganabatirau (PH-Klang) had asked for a breakdown of financial fraud losses since 2020, details of the largest single fraud cases, and steps being taken to reduce future risks.
