KUALA LUMPUR, April 4 (Xinhua) -- The Securities Commission Malaysia (SC) and the Malaysian Communications and Multimedia Commission (MCMC) on Friday signed a memorandum of understanding (MoU) to strengthen cooperation in combating online scams and unlicensed investment schemes.

Photo taken on March 11, 2022 shows the scenery of Kuala Lumpur, Malaysia. (Photo: Xinhua)

The MoU underscores a mutual commitment to intensify efforts against fraudulent schemes exploiting digital platforms, including the use of artificial intelligence and emerging technologies to enhance detection, investigation and enforcement.

In 2024 and 2025, the SC and the MCMC successfully blocked or suspended 328 websites, 388 messaging accounts, and 60 phone numbers linked to scams.

"This MoU is a key step in protecting retail investors and the wider public from scams," SC chairman Dato' Mohammad Faiz Azmi said, noting that combined expertise will enable faster responses to emerging threats and improved safeguards against financial fraud.

The MCMC highlighted the importance of operational collaboration to maintain a safer digital environment, including intelligence sharing, development of standard operating procedures, and coordinated capacity building for investigations.