AI-Driven National Fraud Portal Slashes Time to Detect and Address Online Fraud

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The fight against online fraud in Malaysia has taken a significant step forward with the launch of the National Fraud Portal (NFP) on 20 August 2024. This AI-driven system, introduced by Bank Negara Malaysia (BNM) in collaboration with financial institutions and law enforcement, is designed to revolutionise how authorities detect and address fraudulent activities, including the use of mule accounts.

The NFP is an AI-powered platform that integrates data from banks, financial institutions, and e-commerce platforms to detect fraudulent transactions in real time. By automating the detection process, it significantly reduces the time required to identify and respond to scams, including those involving mule accounts.

NFP automates the end-to-end process of handling scam reports and tracing of stolen funds by the NSRC. The integrated platform allows:

Mule accounts are intermediary accounts used to transfer funds illegally. These funds could be stolen or laundered from illegal activities. The NFP’s ability to quickly identify suspicious transaction patterns could help in detecting and preventing the use of such accounts.

Since its launch, the NFP has already made a noticeable impact. Raymon Ram, a cybersecurity expert and advisor on financial crime, highlighted the portal’s effectiveness, noting that “the NFP has significantly reduced the time required to detect scams, allowing authorities to intervene before substantial harm is done. It’s a game-changer in our national security framework.”

The NFP’s capabilities complement ongoing efforts by banks to educate their customers about online fraud. Consumers are also set to benefit from the NFP’s capabilities. Those who suspect they have been targeted by a scam can report the incident directly through the portal.

The National Scam Response Centre hotline (997) serves as another channel for reporting potential scams. These reporting mechanisms, coupled with the NFP’s real-time analysis, create a robust system for detecting and addressing fraudulent activities quickly.

Members of the public are urged to be vigilant at all times and follow the Amaran Scam Facebook page (facebook.com/amaranpenipuan) or the #JanganKenaScam website (jangankenascam.com) for the latest updates on financial scams.

Those who have fallen victim to a scam should immediately contact their financial institutions or the NSRC at 997.