Bank Negara Malaysia Highlights Rising Scam Losses and Expands Public Outreach

Bank Negara Malaysia (BNM) says it is stepping up collaboration with enforcement bodies to bolster digital security measures and accelerate responses to financial fraud, amid rapidly evolving scam tactics across the country.

Deputy Governor Adnan Zaylani Mohamad Zahid said the National Scam Response Centre will remain central to these efforts, noting that maintaining public confidence is crucial as more Malaysians rely on digital channels for financial transactions. He pointed to losses exceeding RM90 million in Penang alone during the first half of the year as evidence of the scale of the problem.

According to Adnan, the methods used by fraudsters shift constantly—from spoofed phone calls to convincing fake websites and applications designed to resemble genuine services. "The public must always stay alert and cautious," he said at the Penang Financial Literacy Carnival, stressing that prevention is increasingly difficult as scams become more sophisticated.

BNM has made financial education a major theme of its nationwide outreach. Through the Financial Literacy Month 2025 programme, the regulator's Financial Literacy Squad has visited more than 100 locations and engaged with over 23,000 people, including youth, small business owners, and rural communities. These sessions highlighted three areas where clearer guidance is needed: saving and debt management, understanding investment products, and recognising digital scams.

Adnan also emphasised the value of presenting financial concepts in simple, accessible language and encouraged a return to core principles found in Islamic finance—such as fairness and public interest—when making financial decisions.

BNM plans to continue its literacy initiatives under the National Strategy for Financial Literacy 2026–2030, which aims to make financially informed decision-making part of everyday life. The Penang carnival, held over three days, featured exhibitions, workshops, service counters, and other activities expected to draw around 20,000 visitors.