THE Securities Commission Malaysia (SC) and the Malaysian Communications and Multimedia Commission (MCMC) have announced a strengthened partnership to tackle the rising threat of online scams.
Following a high-level meeting, both regulators emphasised the importance of enhanced protection for Malaysia's investors and consumers as they address the growing issue of scams and unlicensed activities.
In a joint statement today, the regulators said: “The rapid advancement of technology has contributed to an exponential rise in scams and unlicensed activities on online platforms.
“In 2024, the SC received 4,859 public complaints and inquiries regarding various scams and unlicensed operations.
“Meanwhile, with support from MCMC, online service providers successfully removed 66,507 scam-related pieces of content in 2024. From January 1 to February 26, 2025, 19,200 additional scam-related contents were taken down.”
Key areas of collaboration between the SC and MCMC include enhancing enforcement efforts, preventing scams, and utilising artificial intelligence for more effective detection.
Both agencies will collaborate closely with service providers and relevant stakeholders to accelerate scam identification and facilitate quicker content takedowns.
Additionally, the regulators are exploring ways to improve public and investor education on scam awareness and fraud prevention.
This includes initiatives like the recently launched Online Safety Campaign by the Minister of Communications, Fahmi Fadzil.
SC Chairman, Dato' Mohammad Faiz Azmi, said: “Given the continuously evolving tactics and types of scams, our close cooperation with MCMC will facilitate better coordination in resources and strategies for detecting, preventing, and enforcing actions against scams.”
While, MCMC Chairman, Tan Sri Mohamad Salim Fateh Din, added: “MCMC is strengthening online safety through a comprehensive approach that includes impactful regulatory initiatives, multi-agency collaboration, and increased public awareness.”
The collaboration between the two agencies also focuses on enhancing information sharing, developing strategic policies, and bolstering efforts to prevent scams.
The regulators will further explore opportunities to streamline their coordination, ensuring a swift response to online scams, fraudulent investment schemes, and financial cybercrimes. – March 1, 2025
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