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.
The joint initiative will help enhance protection of Malaysia investors and consumers, the two regulators said in a joint statement today following their recent high-level meeting to further address the growing proliferation of scams and unlicensed activities.
The advancement in technology has seen an exponential rise in scams and unlicensed activities over online platforms, the SC and MCMC said.
In 2024, the SC received 4,859 public complaints and enquiries on various scams and unlicensed activities.
Online service providers, with the assistance from MCMC, took down 66,507 scam-related contents in 2024. Between Jan 1 and Feb 26, 2025, 19,200 scam-related contents were taken down.
The statement said the areas of collaboration include strengthening enforcement and scam prevention and leveraging on 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 said given the constantly evolving tactics and types of scams, the close working relationship with MCMC will pave the way for better coordination in resources and measures towards scam detection, prevention and enforcement.
MCMC chairman Tan Sri Mohamad Salim Fateh Din said 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, development of strategic polices, 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.
