What is the total loss from TH fund online fraud?

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Total Losses from Online Fraud Involving Tabung Haji Pilgrimage Funds Amount to RM1.96 Million

The total financial losses incurred by depositors due to online fraud targeting the Tabung Haji (TH) pilgrimage fund have reached RM1,961,430. These fraudulent activities have impacted savings held in conventional bank accounts linked to the fund, with losses occurring across various banking institutions.
Online Banking Security and Withdrawal Conditions to be Enhanced

Following the identification of these fraudulent activities, there have been calls for Tabung Haji and intermediary banks to bolster the security of their online banking platforms. This includes a recommendation to implement stricter conditions for online withdrawals, drawing a parallel with measures already in place for Permodalan Nasional Berhad's Amanah Saham Bumiputera dealings. These proposed enhancements aim to safeguard depositors' funds against further exploitation.
Banks to Report on Reimbursements to Fraud Victims

A joint meeting between the Select Committee on the People's Wellbeing and Tabung Haji has also mandated that intermediary banks prepare detailed reports. These reports are to specifically outline the reimbursements provided to victims of fraud, particularly those associated with the TH pilgrimage fund. The intention behind this directive is to enable continuous monitoring of the issue and to ensure accountability.
Senate Committee Highlights Public Concerns Over Online Fraud

The impetus for these discussions stems from the Senate's sense of responsibility towards public complaints regarding online fraud. The Select Committee on the People's Wellbeing, chaired by Dewan Negara president Tan Sri Dr Rais Yatim, convened this meeting to address the grievances of the community, with a particular focus on incidents affecting TH depositors. The committee intends to propose actions and decisions made during the meeting for consideration in the upcoming Dewan Negara session.
Responsibility Lies with Intermediary Banks for Fund Withdrawals

It has been suggested that the primary responsibility for managing and securing these transactions lies with the banks acting as intermediaries for Tabung Haji. This is due to the fact that withdrawals and dealings related to the pilgrimage fund are currently being conducted through conventional banking mediums, rather than directly through Tabung Haji's own systems. This distinction underscores the need for enhanced security protocols at the banking institution level.

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What is the total loss from TH fund online fraud?

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