Malaysia is experiencing a rise in cryptocurrency investment scams targeting professionals and senior citizens. Authorities urge vigilance among the public.
Increasing Number of Victims
Bukit Aman Commercial Crime Investigation Department Director Datuk Seri Ramli Mohamed Yoosuf urged older investors, particularly those over 60, to exercise caution. A recent case involved a 74-year-old losing tens of millions of ringgit to a scam. Victims often believe purchasing multiple cryptocurrency coins would guarantee profits, but no actual investments are made, it's purely a scam.
Latest Fraud Techniques
Scammers often impersonate financial regulators, banks, or law enforcement to trick victims into handing over their money. With technological advancement, scams are becoming more sophisticated, leveraging AI-based tools and deepfake technology. Experts warn this trend is likely to continue.
Authorities' Response Measures
Malaysian authorities are using AI and blockchain technology to combat financial crimes, enhancing fraud detection and tracking illicit transactions. Despite the growing threat, authorities have achieved 23,000 arrests linked to scam syndicates, a significant accomplishment, according to Ramli. Beyond investment fraud, illegal Bitcoin mining operations are also on the rise in the country.
Malaysian authorities strongly advise residents to avoid falling for fraudulent schemes and remain vigilant to prevent massive financial losses.
