KUALA LUMPUR: Malaysia suffered losses totalling RM1.224 billion from online crimes between January and October this year.
Communications Minister Fahmi Fadzil said the losses stemmed from telecommunications and e-commerce fraud, as well as scams involving e-finance, love, non-existent loans and investments.
"The severity of online harm is reflected in the number of scam-related content removed from social media platforms, with 62,833 pieces of content taken down between 2022 and Dec 1 this year," he said during the tabling of the Communications and Multimedia (Amendment) Bill 2024 for its second reading today.
"During the same period, 2,165 pieces of content related to prostitution were removed, along with 185,858 linked to online gambling.
"Additionally, 1,947 instances of pornographic content were taken down, with 71.2 per cent of them, or 1,387, involving child sexual abuse material.
"What about the unreported content?" he asked.
Fahmi said online fraud remained rampant despite various preventive measures, as scammers continuously refine their methods using advanced technologies such as artificial intelligence and automation.
"They manipulate human psychology by exploiting emotions such as greed, fear, anger, longing for love, and the fear of missing out, while employing increasingly sophisticated social engineering techniques.
"To create an environment that supports the development of the industry while considering future needs, and to strengthen the safety and protection of the public and children online, now is the right time for the government to amend the act."
He said the ministry has conducted over 20 engagement and consultation sessions since last year with stakeholders, including Malaysian and international industry players, government agencies, higher education institutions, non-governmental organisations, consumer associations, and telecommunications companies.
These sessions provided explanations about the proposed amendments and their underlying concepts, Fahmi added.