Online scams, especially fake investment schemes, have cost Malaysians billions. From October 2024 to January 2025, one victim lost over RM2 million to a crypto scam promising high returns. When he tried to withdraw, he was asked to pay more—and ended up with nothing.
Between 2021 and April 2024, more than 95,800 online scam cases were reported in Malaysia, totalling RM3.2 billion in losses. Many scams start on WhatsApp, Telegram, or Facebook, often involving fake investment groups and testimonials.
The scams work by building false credibility and urgency. Victims may receive small “returns” at first to gain their trust, before being tricked into investing more. Ponzi schemes and fake crypto exchanges are common tactics used by fraudsters.
Key red flags include:
- Unsolicited investment offers
- Promises of high returns with low risk
- Urgent pressure to invest quickly
- Vague or complex information with no transparency
To protect yourself:
- Always research investment offers and verify sources
- Never click suspicious links or provide personal info
- Be skeptical of deals that seem “too good to be true”
- Don’t transfer money unless you’re 100% sure it’s legitimate
If you suspect a scam, call your bank or the National Scam Response Centre at 997 (8am–8pm daily), and lodge a police report.
Staying cautious and informed is your best defense against online fraud.
Source: Free Malaysia Today