KUALA LUMPUR, January 4 — Bukit Aman Commercial Crime Investigation Department director Comm Datuk Seri Ramli Mohamed Yoosuf has called on financial institutions to adopt a 72-hour cooling-off period for transactions to curb online fraud. Highlighting the need for proactive measures, he noted that scams caused RM2.7 billion in losses this year, a 44% increase from RM1.9 billion in 2023, despite a slight drop in case numbers.
Ramli also emphasized stricter enforcement of the “know your customer” (KYC) policy to prevent companies from being exploited as money mules. He urged banks to collaborate with the Companies Commission of Malaysia to thoroughly vet applicants. “While a longer cooling-off period may initially disrupt genuine transactions, it can significantly reduce financial losses and safeguard the public,” he stated.
