KUALA LUMPUR: The government will allocate RM10 million to strengthen the National Scam Response Centre (NSRC) for operational grants.
Finance Minister Datuk Seri Anwar Ibrahim said more than 25,000 online fraud or scams cases were reported last year involving RM850 million losses.
"Although the government has established the NSRC, there is no uniform policy in dealing with this issue as each banking institution issues its own guidelines," he told the Dewan Rakyat during the 2023 Budget tabling here today.
Anwar said Bank Negara would enforce a "kill switch" policy for all banking institutions.
"This would enable users themselves to take immediate action to freeze their accounts including ATM cards from being used if there is any suspicious activity," he said.