Kuala Lumpur, 30th December 2024 - Financial institutions should extend the cooling-off period for transactions to up to 72 hours to combat online scams and fraud, says Director of Commercial Crime Investigation Department, CP Dato' Sri Ramli Mohamed Yoosuf.

Dato' Sri Ramli stressed that banks must be serious in minimising and curbing scams via online transactions.

“One of the ways is to have a longer cooling-off period, perhaps 48 or 72 hours. While it may affect genuine business transactions initially, people will adapt over time,” he said when contacted.

Dato' Sri Ramli emphasised such measures would ultimately result in a substantial reduction in scam cases, safeguarding the public from financial losses.

Dato' Sri Ramli also called for stricter enforcement of the “know your customer” policy, particularly for firms opening bank accounts.

“We are seeing a trend where companies can easily open accounts and register with banking systems.

Read further on The Star's article attached.