About 95% of fraudulent online banking transactions involving mule accounts were "voluntarily" authorised by victims, making them harder for banks to detect and prevent, Deputy Finance Minister Lim Hui Yin said.
Responding to a supplementary question from Datuk Awang Hashim (PN-Pendang) in Dewan Rakyat on Monday (Feb 17), Lim explained that this type of “authorised fraud” complicates efforts to block suspicious transactions linked to mule accounts.
Lim also highlighted a new policy holding banks accountable for fraud victims, requiring them to compensate clients if they fail to comply with banking regulations.
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