KUALA LUMPUR – The government is considering amendments to digital-related laws to address online scams and fraud through social media regulation, including holding telecommunications companies accountable.
Prime Minister Datuk Seri Anwar Ibrahim said the proposed changes would make telcos key entities in combating such crimes, with efforts coordinated by Bank Negara Malaysia (BNM).
“BNM is coordinating this effort. Telcos have been informed about the proposal to amend digital laws to regulate social media because social media platforms are a major avenue for financial scams and other related issues,” he said, according to Bernama.
“So this is being carefully monitored. However, our concern is the reaction that the proposed amendments might appear too stringent. But we need to evaluate this.”
Anwar made these remarks during the Ilmuwan Malaysia Madani KPT Forum Series 4: Leveraging Technology in Financial Services to Drive Prosperity and Inclusivity, last night.
At the forum, Maybank Group CEO Datuk Khairussaleh Ramli who was also a panellist, emphasised the need for telcos to share responsibility for tackling online scams, rather than placing the burden solely on banks.
“When you look at online scams, as far as the value chain is concerned, it’s not just the bank. Before they (customers) even want to get to the bank, they buy a phone and a phone line. All these transactions go through telephone lines, (so) we need telcos to also take responsibility.
“In Singapore, for example, they regulate (this) and even the authorities have included the telcos to be a party to be responsible because if you look at the phones, we already know who is the registered owner. If there are any doubts, we can obtain the information directly from telcos to identify the owner,” he said.
He was responding to a participant’s question about the rising prevalence of online scams in Malaysia, which have caused losses exceeding RM1 billion and disproportionately affect ordinary citizens. – January 11, 2025