And Malaysia’s most lucrative crime is…

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PETALING JAYA: Malaysians may be growing more technologically savvy, but so are the criminals, with cybercrime now accounting for over 70% of commercial crime cases.

The Star quoted Inspector-General of Police Khalid Abu Bakar as saying that losses amounting to RM179.3 million were reported last year, and that cybercrime was emerging as a serious economic threat in the country.

“Cybercrime has surpassed drug trafficking as the most lucrative crime, with more than 70% of commercial crime cases now categorised as cybercrime,” he was quoted as saying.

Such illegal activities had a major impact on the international banking and financial sectors, the daily reported him as saying at a seminar on financial crimes yesterday.

Highlighting the connection between financial crimes and cybercrime, Khalid said the number of fraud cases had increased considerably in recent years and would likely continue to do so.

However, he said police had taken measures to ensure that offences such as criminal breach of trust, forgery and counterfeiting would be dealt with.

Such steps included the establishment of the Commercial Crime Investigation Department in 2005 and the formation of a special division to investigate money laundering, terrorism financing activities and the recovery of proceeds from unlawful activities, the report quoted him as saying.