Story Highlights
- Crypto scams target seniors, millions lost in Malaysia
- Fraudsters exploit older investors with fake crypto deals
- Fake calls from ‘authorities’ trick victims into transferring crypto funds
Bukit Aman Commercial Crime Investigation Department (JSJK) Director, Datuk Seri Ramli Mohamed Yoosuf, has issued a warning about the rising risks of crypto investment scams. On March 17, he cautioned older investors, especially those aged 60 and above, to show extreme caution during digital asset investments. He emphasized that seniors fall victim to making fraudulent cryptocurrency investments because criminals promise them excessive profits.
Ramli reveals that cryptocurrency scams are presently occurring frequently as commercial crimes. Professional workers, together with senior citizens, are becoming the preferred targets of Internet scammers. People invest their savings and take out loans to pursue expected large profits according to his explanation. The so-called investment opportunities in which people invest their capital prove to be fraudulent schemes in numerous instances.
A 74-year-old investor lost numerous millions of ringgit after falling victim to deceptive practices, according to Ramli. According to him, multiple cryptocurrency purchases result in ineffective returns because victims fall victim to fraudulent schemes. Scammers obtain no investments from their victims; victims completely lose their deposited funds.
Scammers Use Fake Calls to Steal Crypto and Funds in Malaysia
The public should be aware that phone scams represent a significant threat along with cryptocurrency scams, according to warnings from Ramli. The scammers routinely present themselves as government representatives, such as police officers, financial institution staff,or tax officials, to persuade victims to move their funds. The scammers initiate by pretending to be from a courier company through a fake call before multiple other fake agencies get involved in the same conversation.
According to Ramli, any investigation carried out by real government agencies including the Royal Malaysia Police, Bank Negara Malaysia, and Inland Revenue Board happens within a single telephone call. He warned the public to stand guard against suspicious techniques which aim to deceive them.
The augmentation in commercial crimes each year relates to the ongoing progress of technology, according to his observations. Modern-day scams utilize advanced technology through their cyber-enabled and cyber-dependent approaches, resulting in better sophistication compared to classic crimes. He further pointed out that commercial crimes are more prevalent in highly populated states like Selangor, Kuala Lumpur, and Penang.
