KRI Calls for Shared Responsibility as Malaysia's Online Scam Losses Hit RM2.77 Billion

Malaysia's online scam losses have hit RM2.77 billion, according to a report by the Khazanah Research Institute (KRI). The report, covered by BusinessToday Malaysia, calls on banks, telecommunications companies, and digital platforms to share responsibility for protecting consumers rather than placing the burden solely on victims.

The staggering figure underscores how deeply scam operations have penetrated Malaysian society. From investment fraud and job scams to phishing and impersonation schemes, no demographic is untouched.

The RM2.77 billion in losses reflects the total damage from multiple scam categories operating simultaneously across Malaysia. Investment scams, job scams, e-commerce fraud, Macau scams, and phishing attacks all contribute to this figure.

KRI's analysis highlights a systemic problem. Scammers exploit gaps between institutions — banks process fraudulent transfers, telcos carry scam calls and messages, and social media platforms host the advertisements that lure victims. No single institution currently bears full accountability for preventing these losses.

The report recommends a shared liability framework where each party in the transaction chain takes responsibility for their role in enabling scams.

How much money has Malaysia lost to online scams?

According to KRI, Malaysia's cumulative online scam losses have reached RM2.77 billion. This includes investment scams, job scams, phishing, impersonation fraud, and e-commerce scams across all states.

How do I report an online scam in Malaysia?

Call 997 (NSRC), lodge a police report, report via SemakMule at semakmule.rmp.gov.my. For banking-related fraud, also contact your bank's fraud hotline immediately.