FNA’s Money Trails selected winner of Central Banking’s Payment Service Initiative Award 2025

NewsAwards

25 Mar

FNA’s Money Trails has been announced as the winner of Central Banking’s Payment Service Initiative Award, recognizing FNA’s collaboration with PayNet Malaysia and Bank Negara Malaysia in establishing a National Fraud Portal (NFP) to combat fraud and scams.

FNA’s Money Trails is a cornerstone of Malaysia’s NFP. It provides a powerful graph-based application that enables financial institutions to track how fraudulently acquired funds move across the banking system and collaborate in real time to trace and freeze funds. This significantly enhances banks’ ability to disrupt fraudsters and recover stolen assets.

Bank Negara Malaysia and Payments Network Malaysia (PayNet) launched the NFP in April 2024 to address the rising cases of fraud and scams affecting Malaysians. As of November 2024, the percentage of funds being successfully frozen has increased from 0.5% to 30%, while the average time required to investigate each reported case has been reduced by 70%, now taking just 30 minutes.

“In the past, tracing funds could take days—assuming all parties cooperated,” said the NFP project lead at PayNet. “Most cases are now resolved within four hours.”

This award underscores the significant role played by FNA’s Money Trails and the National Fraud Portal service in delivering an effective and advanced technical solution to combat consumer scams and fraud more efficiently. By providing shared digital public infrastructure for banks, law enforcement, financial intelligence units, and other stakeholders, FNA’s fraud solutions enhance fraud detection, prevention, and the recovery of funds for victims.

“Winning Central Banking’s Payment Service Initiative Award is a valuable acknowledgment for the hard work people at FNA, Paynet, BNM and the Malaysian Financial Institutions have done over the last few years in building the world’s first real-time nation-wide funds tracing capability.” said FNA Founder and CEO, Dr. Kimmo Soramäki. “The results speak for themselves. We have seen a dramatic increase in frozen fraudulent funds and mule account detection, and a significant reduction in investigation times. We are excited that our technology is making a real difference in preventing crime and protecting consumers.”

Read the full report on Malaysia’s efforts to tackle fraud and scams: (Subscription required): https://www.centralbanking.com/awards/7972187/payment-services-initiative-financial-network-analytics-money-trails

Learn more about the Central Banking Awards here:

Learn more about FNA’s anti-fraud and scam capabilities: https://fna.fi/solution/national-fraud-portals/