Malaysia is witnessing a sharp rise in cryptocurrency investment scams, with authorities warning that fraudsters are increasingly targeting professionals and senior citizens.
Datuk Seri Ramli Mohamed Yoosuf, Director of Bukit Aman’s Commercial Crime Investigation Department, has warned older investors, particularly those over 60, to be cautious with cryptocurrency investments. This warning follows a case where a 74-year-old lost tens of millions to fraud. Ramli noted that many victims mistakenly believe that investing in multiple high-value cryptocurrencies guarantees significant profits, emphasizing that such schemes are pure scams with no actual investment.
Malaysia also faces a rise in phone scams, with scammers impersonating trusted authorities like financial regulators, banks, and law enforcement. Ramli warns the public to be cautious of calls that seem to come from legitimate institutions, as they are intended to deceive victims.
“There’s no such thing as a call that starts with a courier company, then connects to the police, the bank, and the audit department—all in one conversation,”
he said, emphasizing that genuine authorities do not operate this way.
The rise of scams, fueled by technological advancements like AI and deepfake technology, makes it increasingly difficult to differentiate between real and fraudulent investment opportunities. Malaysian authorities are responding by leveraging AI and blockchain technology to enhance fraud detection and track illicit transactions. Ramli urged citizens to stay vigilant since many scams are orchestrated from luxury condominiums in urban areas like Selangor, Kuala Lumpur, and Penang. Despite the challenges, law enforcement has made notable progress, with over 23,000 arrests related to scam operations last year, a significant achievement in combating these crimes.
Notably, Malaysia is also experiencing a rise in illegal Bitcoin mining activities, where miners unlawfully access electricity, leading to financial losses for the national power grid. Authorities are urging citizens to remain vigilant and report suspicious activities to avoid falling victim to scams, with warnings about the potential for significant financial losses.
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