KUALA LUMPUR: The government's plan to review laws to make telecommunications companies one of the parties accountable for online financial scams has been welcomed.
"It is high time for new laws to be put in place and outdated legislation to be amended," said Bukit Aman Commercial Crime Investigation Department (CCID) director Datuk Seri Ramli Mohamed Yoosuf.
The department is at the forefront of tackling scams, many of which are being facilitated by social media. Online financial scams led to losses of nearly RM1 billion last year.
"Law enforcement efforts must remain on a par with the evolving criminal landscape," Ramli told the New Straits Times.
Last year, losses from scams involving non-existent investment schemes rose 80 per cent from the previous year.
About RM848.6 million was lost to these scams last year, compared with RM472.1 million in 2023.
On Friday, Prime Minister Datuk Seri Anwar Ibrahinm said the government was looking into whether there was a need to amend laws to hold telecommunications companies more accountable for scams.
He said Bank Negara was coordinating efforts on the matter and that telecommunications companies had been informed.
Maybank group president and chief executive officer Datuk Khairussaleh Ramli also called for laws to hold telecommunications companies accountable for scams, as scammers often buy mobile phones and phone lines for their criminal activities.
Ramli said many countries, including Singapore, had introduced laws to punish the misuse of SIM cards.
He said thousands of SIM cards were purchased daily and syndicates take advantage of this to misuse SIM cards for fraud.
SIM cards are sold online for as low as RM15 and registration is not needed.
"If there are laws to hold tele-communicationscompanies responsible, we hope they will look into the sale of SIM cards more closely to ensure they do not fall into the wrong hands," Ramli said.
He said Singapore just passed a bill to control the bank accounts of scam victims to prevent the transferof money to scammers.
He said Malaysia should consider doing this.
"These steps are necessary to ensure scam syndicates are not one step ahead of law enforcement.
It will prevent Malaysians from falling prey to scams."
Last Tuesday, Singapore passed a law allowing police to freeze the bank accounts of scam victims as a "last resort" to prevent further losses
Singapore has become a major target for scammers, with 26,587 cases recorded in the first half of 2024, involving S$385.6 million in losses.