Saifuddin said a record high RM2.77 billion was lost to online scams last year, a sharp increase compared with the RM1.57 billion in losses reported in 2024 and RM1.28 billion in 2023.

In a written parliamentary reply, he said these involved phone scams, love scams, non-existent investments and loan schemes, as well as e-commerce fraud.

“To tackle this issue of online scams, the police continue to increase enforcement of existing laws which provide severe punishment for online fraud.

“The government is also strengthening its strategic partnership with the police, financial institutions, telecommunications companies as well as local and foreign enforcement agencies through information sharing, joint operations and technical support, to increase prevention and to trace, investigate and prosecute syndicates,” he said.

Saifuddin said Putrajaya is also looking at amending laws under the Penal Code and Communications and Multimedia Act to allow for stronger action to be taken against online scam rings, including asset forfeiture.

This would cover individuals who acted as agents, collaborators or who even allowed their bank accounts to be used as mule accounts, he added.

He was responding to Larry Sng (PBM-Julau) who asked for the amount of losses caused by online scammers in the past three years.