KUCHING: Authorities are sounding the alarm as online investment scams promising quick profits and zero risk, continue to prey on unsuspecting Malaysians.
Operating through platforms such as Facebook, Instagram and Telegram, scammers lure their victims into fraudulent investment schemes that appear legitimate but are in fact carefully orchestrated traps.
They would do as such even through acquaintances.
A source shared that victims are typically approached by individuals posing as investment agents, who offer schemes claiming guaranteed high returns in a short time, no risk of losses, and flexibility to withdraw capital at any time.
To sweeten the deal, these so-called agents may also promise commissions for recruiting new investors and insist that the schemes are based overseas, thus allegedly exempt from oversight by Bank Negara Malaysia (BNM) or the Securities Commission (SC).
“Scammers often convince victims that the schemes aren’t listed with BNM or SC as they are ‘foreign investments’—which is a complete lie,” the source said.
To reinforce the illusion of legitimacy, victims are given access to fake websites or e-wallets to monitor their ‘investments’. Some even receive small payouts in the beginning — just enough to build trust.
But soon after, the trap closes.
“Attempts to withdraw profits or capital are denied, login access is revoked, and the so-called ‘agents’ vanish without a trace.
“This leaves the victims with empty accounts and no way to recover their losses,” the source said.
In view of these tactics, the public is urged to verify the legitimacy of any investment scheme via the BNM and SC websites at https://www.bnm.gov.my/financial-consumer-alert-list and https://www.sc.com.my/regulation/enforcement/investor-alerts/sc-investor-alerts/investor-alert-list.
“No individual or company can legally accept public deposits without proper licensing from BNM or SC.
“Public with inquiries or complaints are advised to contact BNM at 1-300-88-5465 or SC at 03-6204 8999,” the source said.
