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Abstract:Scam syndicates are now exploiting fake online investment schemes, defrauding victims of millions within just three days. According to 2024 police data, online fraud cases surged by 29%, with losses exceeding RM1.57 billion. Non-existent investment scams alone saw an 80% increase, costing victims RM848.62 million.
Recent police data reveals a shocking trend: scam syndicates can now swindle victims out of their hard-earned money in as little as three days. Using fake investment schemes promoted through mobile apps, these criminals lure unsuspecting individuals into “online investments,” with one victim losing a staggering RM2 million.
In 2024, authorities recorded 35,368 online fraud cases, resulting in losses totaling RM1.57 billion—a 29% increase from 2023's RM1.22 billion. Notably, cases involving non-existent investments surged by 80%, with losses skyrocketing to RM848.62 million in 2024, compared to RM472.16 million the previous year.
Assistant Commissioner Lai Li Qing of the Commercial Crime Investigation Department shared these alarming statistics during a fraud prevention seminar on Saturday, January 11. With a mix of concern and wit, she noted that scam syndicate members might even be in the audience, listening to her advice. She urged them to reflect on their actions, asking, “How would you feel if your own family fell victim to such scams?”
As Malaysia intensifies its efforts to combat fraud, platforms like WikiFX are stepping up to empower investors. Whether you're a seasoned trader or just starting your investment journey, WikiFX is your go-to resource. Before investing, use WikiFX to verify brokers' regulatory status and ensure their legitimacy. Beyond broker checks, WikiFX is committed to raising fraud awareness by providing real-time scam alerts and educational content to help Malaysians stay one step ahead of scammers.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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