Financial sector prevents RM1.9 billion in attempted fraud in first half of 2026
Selected banks will test an industry-wide fraud alert capability during the first half of 2027 before a broader rollout.
Malaysia’s financial sector stopped approximately RM1.9 billion in attempted fraudulent transactions during the first half of 2026, BNM governor Datuk Seri Abdul Rasheed Ghaffour said. That exceeded the RM1.2 billion prevented across 2025.
Speaking on Oct 6 at the 16th International Conference on Financial Crime and Counter Terrorism Financing (IFCTF 2026), Abdul Rasheed said Bank Negara Malaysia (BNM) was working with the financial industry on alerts that could notify customers and banks of risks before payments go through.
A pilot involving selected banks will take place during the first half of 2027, with wider implementation to follow. The National Fraud Response Centre has been testing network data analysis since October 2025 to spot accounts that may be involved in fraud.
Payments Network Malaysia (PayNet) has flagged more than 1,600 accounts as suspicious, he said. Subsequent assessments found mule-related risks in many of them. Abdul Rasheed said information shared across institutions could expose risks that an individual institution might not detect.
BNM has also strengthened its framework for technology risks and fraud prevention. Abdul Rasheed said the revised Risk Management in Technology policy document addresses resilience, while the Financial Institutions’ Response to Fraud policy document reinforces accountability and responsible use of technology and intelligence.
He warned that AI was making deception harder to detect by mimicking voices and appearances. About 95% of online fraud cases involve people being tricked into making transfers themselves, he said, urging financial institutions to improve automated detection and their ability to disrupt illicit activity.
