What is the projected total loss from online crimes by the end of this year?

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Projected Online Crime Losses May Reach RM1.2 Billion This Year

Malaysians have suffered substantial financial losses due to online crimes, with projections indicating that total losses could reach up to RM1.2 billion by the end of this year. This figure is contingent upon the current trend and a continued lack of public awareness regarding online scams.
Cumulative Losses to September Indicate Rising Trend

From 2021 up to September of this year, Malaysians have lost nearly RM2 billion to online crimes. The yearly figures show a consistent increase, with recorded losses escalating from RM560.9 million in 2021 to RM687.6 million in the entirety of last year. For the first nine months of the current year, losses have already amounted to RM687.7 million, demonstrating a significant and ongoing financial impact.
Awareness Crucial to Mitigating Projected Losses

The projection of RM1.2 billion in losses by year-end is based on the assumption that public awareness remains insufficient. This figure was highlighted in August, suggesting that if current trends and public vulnerability persist, the cumulative financial damage from online criminal activities will continue to escalate significantly.
Online Crime Losses May Outpace Conventional Theft

The severity of online criminal activities is underscored by the possibility that these losses could eventually surpass those from more traditional crimes. For instance, the Home Minister previously stated that if the upward trend in online crimes continues, the financial impact could exceed that of conventional crimes such as vehicle theft, indicating a shift in the landscape of criminal activity.

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What is the projected total loss from online crimes by the end of this year?

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