More needs to be done to curb online scams, says former finance minister

FORMER Finance Minister Lim Guan Eng feels the current efforts to fight online scamming are inadequate, with only RM6.7 million recovered from RM2.97 billion lost, particularly among the elderly, last year.

Lim said that better coordination and more resources are needed to prevent the national crime wave of digital fraud, cyber identity theft and various scams.

"We need to enhance quick recovery. If the scammers are fast, we need to be quicker to put a stop to white-collar crime," said Lim in a statement.

Elected representatives have received many complaints of digital fraud, cyber theft and scams not only from Penang but also throughout the country.

The magnitude of this insidious crime has destroyed the life savings and crushed the prospects of a better life for many Malaysians regardless of race, religion or background.

The scope of such crimes is beyond the capacity of elected representatives, said the Bagan Member of Parliament.

"So many are affected that it has become a national crime wave. Not only ordinary Malaysians but highly regarded professionals such as accountants, bankers, engineers, doctors, senior government servants and lawyers have fallen victim.

“Leaving the problem to the police or the Malaysian Communications and Multimedia Commission (MCMC) are inadequate when they cannot operate in silos, nor do they have the required resources or expertise."

Lim suggested that the entire government machinery; from all government departments led by Bank Negara, must be involved.

The banking industry plays a crucial role in the relationship between the scammer and the victim.

Banks are the vital intermediary enabling this digital fraud and theft to happen.

If banks adopt a mechanism to suspend bank accounts showing suspicious large withdrawals, the surge in crime can be curbed, Lim said.

"As such, Bank Negara should be at the forefront of this whole-of-government effort to curb this surging crime and rescue the life savings of ordinary Malaysians.

“A whole-of-government enforcement action is needed," said Lim. - September 24, 2026