KUALA LUMPUR: Malaysia should set up a special agency to combat fraud and prevent various types of fraud to escalate.
RHB Bank Bhd's head of compliance division, V. Maslamani said among the most known cases in the country include online fraud, money laundering and counter financing of terrorist activities.
According to estimates compiled from different law enforcement and government agencies, some US$1.3 billion were lost from diverse schemes over the internet in Malaysia last year.
"We need to have a specific body, like the United Kingdom's National Fraud Authority to probe such crimes as scam activities," he said.
He added that the current level of cyber crime in Malaysia is moderate, but if the county does not carry out prevention, it could increase.
Maslamani was speaking to newsmen after the launch of RHB Fraud Awareness Week 2013 (FAW), by RHB Group managing director Kellee Kam, here, on Tuesday.
In his speech, Kam said the bank is doing its best to protect customers as well as the bank's money and assets from fraud.
"While we recognise that fraud is an on-going battle and may not be completely eliminated, we are determined to fight it. We will continue to combat fraud through awareness and education of our employees, stakeholders and the general public," he said.
FAW, which ends today, has several activities lined up that include the FAW 2013 Forum and briefings by industry experts for staff and customers.
Speakers at the forum were from Bank Negara Malaysia, Royal Police Force, Customs Department and Immigration Department.
FAW highlights areas such as nature of fraud, modus operandi of fraud schemes, and how the public can protect themselves from falling prey to fraudulent activities.