SHAH ALAM, Oct 25 — Selangor recorded the highest losses from online scams, with victims losing RM986.79 million in 2025, nearly one-third of the RM2.97 billion total recorded across Malaysia.
Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour said the losses in Selangor have more than doubled from the RM446.16 million recorded in 2024, highlighting an increasingly alarming threat from online fraud, Berita Harian reported.
He said that BNM, in collaboration with financial institutions and law enforcement agencies, continues to strengthen defensive measures to address this threat.
“These efforts include accelerating the detection of stolen funds and tightening online banking security.
“However, robust systems alone are not enough. The first line of defence begins with our own vigilance. Therefore, if you are pressured to act immediately, verify the situation through official channels before sharing any information or transferring money.
“Financial institutions, for their part, must strengthen security controls, provide clearer warnings to customers, and act swiftly against suspicious activity to mitigate the risk of fraud,” he said during his address at the launch of the Selangor Financial Literacy Carnival 2026 here yesterday.
Abdul Rasheed noted that the speed of digital transactions, which allows payments and fund transfers to be completed in mere seconds, also limits the time users have to carefully consider their actions before proceeding.
“For this reason, one scenario we must be wary of involves calls from individuals posing as bank officials or authorities, who then pressure victims to transfer money, purportedly to prevent their accounts from being blocked.
“In such situations, users should take the time to verify the legitimacy of the request through official channels before sharing personal information or transferring any funds,” he said.
Abdul Rasheed also highlighted the potential for artificial intelligence (AI) to help financial institutions detect unusual activity and issue timely alerts to users.
However, he noted that the use of such technology must be accompanied by robust personal data protection and adequate support to ensure users are empowered to make better financial decisions.
These loss statistics were presented in the BNM Governor’s slide deck, citing a written response provided by the Home Ministry in Parliament last June.
According to Home Ministry data, losses from online scams nationwide surged from RM1.57 billion in 2024 to RM2.97 billion in 2025.
Selangor and Kuala Lumpur remained the most severely affected areas for three consecutive years, with combined losses totalling approximately RM1.77 billion in 2025.
Kuala Lumpur recorded losses of RM782.86 million that year, an increase from RM293.30 million in 2024.
In terms of modus operandi, non-existent investment schemes accounted for the largest losses nationwide, amounting to RM1.46 billion in 2025, followed by telecommunications-related crimes, which totaled RM802.47 million.
