POLICE today expressed their growing frustration over the number of those getting scammed online with the latest being a teacher, who lost RM511,000 in a fraudulent online share trading scam in Penang.
The 47-year-old educator lodged a report at the Nibong Tebal district police headquarters after realising that he was another victim of a devious scam.
Penang police chief Datuk Hamzah Ahmad stressed that online investment schemes are highly risky and prone to scams.
Penang is believed to be among those with the highest number of victims as scammers target states with a high number of retirees, unfamiliar with the internet.
Hamzah revealed that the teacher saw an attractive online scheme on Facebook last February, which illustrated an attractive share trading concept with strong returns.
The victim then contacted a suspect, who introduced him to a WhatsApp chat group, which explained the mechanics behind the investment scheme.
The victim was then coaxed to invest through a link called www.mxcnvj.com where he made 12 withdrawal transactions through three different banks.
"When the victim wanted to withdraw his investment from the online banking site, he was blocked and realised that he was conned," said Hamzah.
He urged those keen to participate in online investment schemes to refer to Bank Negara and the Securities Commission to validate if the scheme is genuine.
Both monetary authorities can be reached via www.bnm.gov.my or www.sc.com.my.
Hamzah wants all authorities to cooperate with the police to ensure that the anti-scam messaging reaches all levels of society.
"We need to educate our communities to be vigilant against scams."
Malaysians lost an estimated RM54.02 billion (or US$12.8 billion) to scams in 2024, which is equivalent to three percent of the country's GDP.
This is according to a Financial Crime Landscape Report by regtech firm Tookitaki.
This significant loss highlights the growing threat of scams and the need for stronger fraud prevention measures. - May 12, 2025.
