Eligible e-wallet providers that fail to comply with Bank Negara Malaysia’s (BNM) required fraud prevention measures must fully compensate scam victims within seven working days of receiving a complaint.
PETALING JAYA: Eligible e-wallet providers that fail to comply with Bank Negara Malaysia’s (BNM) required fraud prevention measures must fully compensate scam victims within seven working days of receiving a complaint, the Dewan Rakyat was told.
Prime Minister Datuk Seri Anwar Ibrahim said the requirement is part of efforts to strengthen consumer protection and boost public confidence in digital payment systems amid rising e-wallet usage and online transactions.
He said BNM has introduced a series of regulatory requirements for banking institutions and eligible e-money issuers, including stronger transaction authentication, cooling-off periods for high-risk transfers, single-device authentication, dedicated fraud hotlines and a “kill switch” feature allowing users to immediately freeze accounts suspected of being compromised.
“As a preventive measure, BNM has imposed various regulatory requirements on banking institutions and eligible e-money issuers,” he said in a written parliamentary reply.
Anwar, who is also Finance Minister, said the National Scam Response Centre (NSRC) has strengthened its ability to trace and freeze stolen funds through the National Fraud Portal (NFP), which automates fund-tracing to speed up detection and intervention.
He said Bank Negara also enhanced its SEFT (Ensuring Fair Treatment for Victims of Unauthorised e-Banking Transactions) policy in 2024, reinforcing the principle of shared responsibility between banks and customers in cases of online banking fraud.
Under the framework, banks are required to conduct transparent and timely investigations, with compensation determined based on the level of responsibility and negligence of both parties.
“Where investigations show that both the bank and the customer share responsibility, financial losses will be apportioned fairly,” he said.
He added that if investigations exceed the prescribed timeframe, banks are required to provide financial assistance to customers, subject to conditions.
Anwar said investigation outcomes unfavourable to customers will be subject to independent review, while dissatisfied victims may escalate their cases to the Financial Market Ombudsman Service (FMOS).
He said the implementation of these measures has shown positive results, with RM1.2 billion in fraudulent transactions prevented in 2025.
He also said the number of victims receiving full or partial compensation increased by 26% after full implementation of the policy, alongside improved bank accountability and transparency.
Anwar stressed that continuous public awareness campaigns are being carried out to educate Malaysians on scam prevention, while reminding individuals to remain vigilant.
“In combating financial scams, individuals must also remain vigilant and take the necessary precautions to
