Kuala Lumpur: The Securities Commission Malaysia (SC) and Malaysian Communications and Multimedia Commission (MCMC) have agreed to step up cooperation to combat the growing threat of online scams.
According to BERNAMA News Agency, the joint initiative will help enhance protection of Malaysian investors and consumers. The two regulators announced this in a joint statement following their recent high-level meeting to address the increasing proliferation of scams and unlicensed activities. The advancement in technology has led to a significant rise in scams and unlicensed activities over online platforms.
In 2024, the SC received 4,859 public complaints and enquiries on various scams and unlicensed activities. Online service providers, with assistance from MCMC, took down 66,507 scam-related contents in 2024. Between January 1 and February 26, 2025, 19,200 scam-related contents were removed.
The statement highlighted areas of collaboration, including strengthening enforcement and scam prevention, and leveraging artificial intelligence capabilities. The SC and MCMC will work closely with service providers and relevant stakeholders to expedite scam detection and speedier content takedowns.
Opportunities for collaboration between the regulators regarding public and investor education on scam awareness and fraud were also explored, including through the recently launched online safety campaign. SC chairman Datuk Mohammad Faiz Azmi emphasized the importance of the evolving tactics and types of scams, and how the close working relationship with MCMC will lead to better coordination in resources and measures for scam detection, prevention, and enforcement.
MCMC chairman Tan Sri Mohamad Salim Fateh Din stated that MCMC is strengthening online safety through a multi-faceted approach involving high-impact regulatory initiatives, multi-agency collaboration and coordination, and promoting public awareness. Its collaboration with the SC enhances information sharing, the development of strategic policies, and scam prevention efforts.
The two parties will also explore opportunities to streamline coordination between the SC and MCMC, ensuring rapid response against online scams, fraudulent investment schemes, and financial cybercrimes.