SHAH ALAM: Selangor recorded the country's highest online scam losses, with victims losing RM986.79 million in 2025, nearly a third of the RM2.97 billion recorded nationwide.
The state's losses more than doubled from RM446.16 million in 2024, highlighting the growing threat of online fraud.
Bank Negara Malaysia (BNM) governor Datuk Seri Abdul Rasheed Ghaffour said BNM, together with financial institutions and enforcement agencies, continued to strengthen defences against the threat.
He said measures included speeding up the tracing of stolen funds and tightening online banking security.
"However, a strong system alone is not enough. The first line of protection still begins with our own vigilance.
"Therefore, when pressed to act immediately, verify through official channels before sharing information or transferring money.
"Financial institutions must also strengthen security controls, make warnings to customers clearer and act quickly on suspicious activity to reduce the risk of fraud," he said at the opening of the Selangor Financial Literacy Carnival 2026 yesterday.
Rasheed said the speed of digital transactions, which allows payments and transfers within seconds, also left users with less time to consider their actions.
"Because of that, one situation we must be wary of is a call from someone impersonating a bank officer or an authority, who then pressures the victim to transfer money, supposedly to prevent their account from being blocked.
"In such a situation, users must take time to verify the request through official channels before sharing personal information or transferring money," he said.
He said the use of artificial intelligence (AI) could help financial institutions detect unusual activity and deliver timely reminders to users.
However, he said the use of technology must be accompanied by personal data protection and adequate support to help users make better financial decisions.
The governor's presentation slides showed the statistics, citing a written reply by the Home Ministry in Parliament in June.
According to Home Ministry data, online scam losses nationwide surged from RM1.57 billion in 2024 to RM2.97 billion in 2025.
Selangor and Kuala Lumpur remained the worst-hit areas for the third consecutive year, with combined losses of about RM1.77 billion in 2025.
Kuala Lumpur recorded losses of RM782.86 million that year, up from RM293.30 million in 2024.
By modus operandi, non-existent investment schemes accounted for the largest losses nationwide at RM1.46 billion in 2025, followed by telecommunications scams at RM802.47 million.
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