IFW Global strongly believes that the best way to tackle the growing issues surrounding cybercrime is through government and private sector collaboration.
IFW Executive Chairman, Ken Gamble, recently shared his insights on organised cybercrime with high ranking officials from the Malaysian government after being invited to speak at the 5th International Security Seminar on Cybercrime in Penang, Malaysia. This annual event was hosted by the Malaysian Crime Prevention Foundation (MCPF).
Mr Gamble’s talk focused on the results of an IFW Global investigation into highly organised cryptocurrency scammers operating across the world targeting vulnerable investors online while raising hundreds of millions of dollars in criminal profits.
Following the event, Mr Gamble was invited to speak to senior members of parliament in Kuala Lumper, where he shared information about organised criminal gangs using Malaysia as a base of operation.
Mr Gamble was able to pinpoint key issues that showed Malaysia’s powerbrokers the size and scope of the problem.
Sharing information and building trust takes effort and time. That’s why Mr Gamble was grateful for the opportunity to assist Malaysia with ideas and information that is considered to be crucial in the fight against organised criminal cybercrime gangs.
“Malaysia has recognised that cybercrime is one of the greatest threats to national security and its economy,” said Mr Gamble.
“I was able to highlight the transnational nature of organised investment fraud on the internet and how Malaysians are not only being targeted in these scams but the country is also being used as a safe haven for cyber criminals to set up their illegal operations.”
Mr Gamble said Malaysia was set to take a stronger stance against cybercrime.
“In early 2020 the Malaysian government is set to raise in parliament the need to upgrade current laws, such as the Computer Crimes Act of 1997,” he explained.
“The introduction of new anti-cybercrime laws will send a strong message to organised criminal gangs that Southeast Asia is ready to strengthen its defences and introduce harsher penalties for cybercrime gangs operating as a syndicate using the Internet to commit large scale fraud.”