Bank Negara Malaysia, PayNet and several financial institutions have teamed up to launch the National Financial Portal (NFP), a cutting-edge platform designed to bolster the NRSC’s operations.
According to Finextra, this collaboration aims to enhance the financial industry’s ability to combat fraud and maintain security within the system.
The launch of the NFP addresses a critical need for streamlined, efficient management of scam incidents. By automating the end-to-end process, the platform facilitates quicker response times and more effective recovery of stolen funds, significantly improving the overall handling of fraud cases.
Bank Negara Malaysia plays a pivotal role in shaping the financial landscape with initiatives that safeguard consumer interests and maintain systemic integrity. The NFP is a testament to BNM’s commitment to advancing technological solutions that address emerging challenges in financial security.
The NFP introduces several innovative functionalities that revolutionize how financial fraud is managed. Automated fund tracing allows for real-time tracking of stolen funds across all financial institutions, preventing further transfers and enhancing the likelihood of recovery. Additionally, the platform supports effective, industry-wide information sharing and collaboration, enabling a more unified approach to fraud prevention.
Moreover, the NFP supports data-driven assessments of mule accounts, improving the accuracy and efficiency of identifying and monitoring such accounts. This is complemented by new industry-wide procedures for reporting and managing mule accounts, standardizing treatment and ensuring continuity of basic financial services for affected account holders.
Other measures include Bank Negara Malaysia’s directive requiring financial institutions to enhance fraud investigation processes and transparency. This policy aims to foster joint accountability and remind customers of the importance of vigilance in protecting against scams.
Minister of Finance II YB Senator Datuk Seri Amir Hamzah Azizan emphasized the ongoing need for collaboration in securing a digital future, stating, “The collective effort, dedication, and cooperation across the financial sector and law enforcement agencies must continue, and build on the momentum achieved thus far. Ensuring a secure and safeguarded digital future is crucial in elevating our nation’s status and competitiveness as envisioned under the Ekonomi MADANI framework.”
Bank Negara Malaysia Governor Dato’ Seri Abdul Rasheed Ghaffour highlighted the operational enhancements brought by the NFP, saying, “With the NFP, the NSRC operations is now equipped with an end-to-end automated process from managing fraud reports, validating and tracing stolen funds, to sharing alerts among financial institutions to trigger prompt action.”
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