Rm9bil lost to scams in 10 years

 

Over 200,000 online cases recorded with figures rising

Portal Semak Mule 2.0 bantu rakyat kesan identiti syarikat ..

Semak Mule - PDRM   

KUALA LUMPUR: More than 200,000 online scam cases have been recorded in the last 10 years, resulting in almost Rm9bil in losses.

And there could be many more cases that go unreported.

The number of cases has also been increasing every year. In 2014, there were 6,309 cases but last year, the number rose to 35,368, according to Bukit Aman Commercial Crime Investigation Department (CCID) statistics.

“More and more victims are being duped by a myriad number of scams used by syndicates. This year alone, we have already recorded 10,218 cases as of March 16,” the police said.

In terms of losses, the amount was Rm8.53bil since 2014, with the highest losses recorded in 2023 (Rm1.21bil) and 2024 (Rm1.57bil).

This year, as of March 16, Rm490mil in losses had already been recorded.

Investment scams have been the most prevalent in the last 10 years, accumulating significant losses, especially in the last two years.

In 2014, the losses in such scams were Rm53.4mil, rising to Rm245.05mil in 2021 and Rm219.83mil in 2022.

In 2023 and 2024, though, losses spiked to Rm472.15mil and Rm848.62mil respectively.

“This year, Rm301.8mil has been lost to investment scams, the highest number compared with other scams. However, in terms of the number of cases, telecommunication scams were the highest this year, with 4,509 cases.

“Others are online purchase scams (2,118 cases), investment scams (1,652) and loan scams (1,159),” the police said.

The public is advised to make use of the Semakmule 2.0 portal.

The portal has received 33.4 million visitors since it was established in 2020 and the people are encouraged to use the facility to check the list of mule bank accounts, telephone numbers and shell firms used by scammers.

“Initially, the police set out to list phone numbers and mule bank accounts, but have since improved the portal to include the names of shell companies.

“Visitors to the site are able to do searches on companies that might be used in commercial crimes, including investment scams. The portal has listed more than 107 companies so far,” the police said.

As of Jan 21, a total of 238,006 bank accounts and 191,960 phone numbers have been listed on Semakmule.

Another avenue that can be used is the National Scam Response Centre (NSRC).

The public can report scams by calling the 997 hotline and make enquiries too.

- by By FARIK ZOLKEPLI farik@thestar.com.my 22 Mar 2025

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Banks may pay the price for scams if negligent

">Hefty sum: Anwar said RM1.224bil in losses to online scams were recorded between January and October this year.

New law mulled to enforce liability for scams if negligent

PETALING JAYA: Banks may soon be held responsible for losses suffered by online scam victims if the losses are due to the banks’ negligence or disregard of regulations.

This may be among the provisions under the proposed Online Safety Bill that aims to combat online bullying, fraud and other cybercrimes.

“The law is likely to be tabled during the Parliament session next year,” Datuk Seri Anwar Ibrahim said during the Prime Minister’s Question Time in the Dewan Rakyat yesterday.

The Prime Minister said laws have to be tightened to better protect people against the growing threat of online scams that have cost Malaysians billions of ringgit.

“There are victims who are oblivious (that they are being scammed). That is why we need to tighten the laws,” he told Datuk Seri Doris Sophia Brodi (GPS-Sri Aman).

Doris had wanted to know if there are plans to enact specific laws such as Singapore’s Scam Bill to better protect Malaysians against online scammers.

Anwar said he agreed in principle to a suggestion by Nurul Amin Hamid (PN-Padang Terap) on making banks responsible for losses suffered by the victims.

Nurul Amin said such a move was implemented recently in the United Kingdom where victims were reimbursed within five working days.

Anwar said the regulation in the United Kingdom only came into play if the banks were found to be negligent or had failed to monitor the accounts according to regulations.The Prime Minister also commended the ongoing joint efforts by the National Scam Response Centre (NSRC) with relevant enforcement agencies in thwarting online scams.

“A total of RM19mil would have vanished if the scams had not been successfully blocked,” he said.

Since its formation in October 2022, the NSRC has seized RM6mil and recorded 140,474 complaints involving 69,000 scams.

The centre, under the Prime Minister’s Department, works with the police, Malaysian Communications and Multimedia Commission (MCMC), Bank Negara Malaysia, the National Anti-Financial Crime Centre as well as financial institutions and the telecommunications industry to tackle online scams.

Earlier, Anwar expressed concern over the volume of losses due to online scams.

“Overall, such scams resulted in RM286.2bil in losses in Asean while RM1.224bil in losses were recorded between January and October this year in Malaysia,” he told Suhaizan Kaiat (PH-Pulai).

“This includes online scams, telecommunication scams, e-trading scams, e-financing scams, love scams, non-existent loans and online investment scams,” he said.

The Prime Minister said the number of mule accounts being used for such scams is also alarming.

“Although Semak Mule has been successful, the figures are still worrying.

“As of Oct 31, a total of 181,628 telephone numbers, 222,092 bank accounts and 1,395 companies were recorded in Semak Mule for being involved in online scams,” he said.

The Semak Mule online application and website was launched in January 2019 to identify accounts used by scammers and assist members of the public.

“Some 32,066,000 searches were made with 22,200,984 responses being positive. This means there were attempts to transfer money to mule accounts, but many were thwarted due to the use of the portal,” he said.

Other preventive efforts, Anwar said, included blocking 1.4 billion dubious phone calls and 1.2 billion unsolicited SMSes.

“The Communications Ministry, through the MCMC, has also successfully terminated 118,184 phones lines while blocking access to 9,474 fake websites,” he added.

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DIGITAL WAVE of deception

A web of scum and villainy, Scam complaints in Malaysia up 300% since 2019

PETALING JAYA: They were professionals in the field of finance, banking, accounting, education and information technology, and were well aware that cyberspace was rife with scams.

However, this did not shield even them from being scammed by a syndicate with members posing as seasoned stockbrokers supposedly from well-known investment firms based overseas.

A frugal and astute investor, finance manager Ken Wong – who lost over RM450,000 – had made wise financial choices throughout his working life, building a secure nest egg for his future and family.

With a background in accounting and being savvy in financial matters, the 41-year-old employee of a logistics company never expected to find himself ensnared by a deceptive investment scheme.

Although he was aware of scams in cyberspace, all it took was six weeks of cunning, convincing and crafty assurances by scammers before Wong was ripped out of his hard-earned savings.

“I am very thrifty and careful with my expenditure, saving as much as I can for my family, and this is really devastating.

“What if this happens to someone in their old age? It would engulf that person with hopelessness. This is why I would label these scammers as nothing less than ‘murderers’ as they can kill a person by snatching away their sanity and future,” he said.

Still reeling from his loss, Wong said it all started in May when he spotted an advertisement on Facebook that offered insights and short courses on foreign stock investments.

Out of curiosity, he clicked on a link and was promptly greeted by a person who introduced him to the courses, which were being offered for a fee of RM364.

He was then added to a WhatsApp group where lessons were conducted by several foreigners.

Wong said at first, the group only discussed matters related to the course and shared tips on stock investments.

(Click To Enlarge)

However, weeks later, the scammers, claiming to be foreign institutional investors (FIIs), started introducing and encouraging investments in foreign initial public offering (IPO) stocks, assuring him he could double his money.

Wong said he downloaded the company’s application and what started with a RM10,000 investment led to him pumping in more funds until he realised he was being deceived by bad actors.

He later learnt that the scammers had cloned real-time foreign stock exchange webpages and created features that convinced their victims to believe they were managing their own funds.

“They were so convincing and persuasive, encouraging us to manage our own investments.

“Having downloaded their app and transferring my funds to local business bank accounts were other factors that had me into believing it was a legitimate business,” he said.

“On record, my investment had doubled, but I could not make any withdrawals. When I questioned them, they demanded I invest another RM1.7mil if I wanted to make withdrawals. This is when I realised I had been fleeced.”

Wong said he was in touch with nine other victims including other professionals in the field of investment and finance, and they formed a group to seek avenues to recover their lost funds.

Another victim, who wanted to be known only as Queenie, said she decided to join the scheme after seeing it on Instagram.

“I felt confident because the scammers had fraudulently used the photos of a well-known investment influencer to promote their scheme. They claimed we could receive returns of over 400%.

“Now that I have lost my life savings, there are feelings like anger, sadness and denial.

“I think I am going through depression,” said the 46-year-old banker, who lost over RM230,000, part of which she had borrowed from a friend.

A 41-year-old private university lecturer said he lost RM120,000 of his savings and from his parents’ retirement fund.

He said he was invited to join a WhatsApp group by a woman who claimed to be a Singaporean.

“She told me that she was invited by the government to educate Malaysians on stock investments and encouraged me to join her classes. No payments were demanded in the beginning, but we were then lured into investing after weeks of receiving tutorials on stocks,” he said.

Siva, a 32-year-old office administrator, said he lost RM200,000 that he had partly borrowed from his family.

“I had saved the funds to buy a house as I am getting married soon. I do not know how to break this news to my family,” he said.

All four victims have lodged police reports.

The syndicate, operating under the guise of being stockbrokers, was busted by commercial crime police in September when 17 suspects aged between 23 and 52 were held.

Police said the syndicate had raked in over RM33mil from victims and at least six more suspects are being hunted, with 66 police reports lodged since January.

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Scam complaints in Malaysia up 300% since 2019

PETALING JAYA: Complaints and enquiries on scams and unlicensed activities shot up by over 300% between 2019 and 2023, according to the Securities Commission (SC).

The commission’s Investors Alert List sighted by The Star also revealed that some 15 sites were flagged by the SC for operating as potential clone entities so far this year.

Clone entities are outfits that misuse the name and credentials of legitimate financial and investment bodies.

In the SC’s 2023 annual report, it was revealed that the regulator received 3,262 complaints and enquiries on scams and unlicensed activities – a 321% increase within those four years.

The SC said social media platforms such as Facebook and messaging apps like Telegram continue to be the primary mode for perpetrators to carry out their illegal activities.

“A new modus operandi observed in 2023 was the use of e-wallets and cryptocurrency as the mode of payment involving investment scams, compared with the mule bank accounts that were used previously.

“This may be designed to avoid easy detection and prompt interventions by enforcement agencies,” it added.

In addition to taking action based on complaints and enquiries, the SC has also dedicated a unit to proactively monitor and detect unlicensed activities and online scams targeting Malaysians.

As of Dec 31, 2023, a total of 569 URLs offering unlicensed activities to Malaysians were detected online.

This was a 49% jump from the 382 URLs detected in 2022.

“Of these, 51% were from Telegram, 27% from Facebook, 9% from Instagram and 13% from other sources such as websites, YouTube, and TikTok,” the SC said in its report.

The issuance of cease-and-desist notices, social media interventions, inclusion in the SC’s Investor Alert List, and the blocking of websites with assistance from the Malaysian Communication and Multimedia Commission (MCMC) were among the actions taken against such sites.

Other actions were requests to block Telegram, Facebook and Instagram accounts; referrals to other agencies or foreign regulators; and lodging police reports.

“The SC has and will continue to proactively disrupt the activities of scammers and operators of unlicensed activities,” it said.

In this regard, the SC includes the names of entities and individuals found to be carrying on scams or unlicensed activities on its Investor Alert List as soon as possible – in most cases within 48 hours of receiving a complaint, it added.

The regulator noted that while some unlicensed activities are carried out locally by Malaysians with a local presence, there are also foreign entities carrying out unlicensed activities in Malaysia.

To create greater awareness, the SC said it has released a “more robust, dynamic and mobile-friendly” Investor Alert List called the Investment Checker, which serves as a one-stop centre for the public to check and verify the legitimacy of entities and individuals.

It has also set up a Scam Meter page and does radio and television interviews on scams and unlicensed activities.

Recently, the Finance Ministry told Parliament that the SC had blocked nearly 200 social media sites and over 100 websites linked to illegal investment schemes, placing 184 entities on a watchlist and filing charges against some.

Offshore platforms were blocked with help from MCMC, while the SC advises public awareness on fraudulent tactics.

Putting pressure on banks

 

'Kill switch' can prevent scam victims from suffering hefty ...

Kill switch' not a cure-all | The Star

KUALA LUMPUR: The issue of whether banks should bear greater responsibility for clients losing money to online scammers is one for Parliament to decide, says Datuk Seri Azalina Othman Said.

KUALA LUMPUR: The issue of whether banks should bear greater responsibility for clients losing money to online scammers is one for Parliament to decide, says Datuk Seri Azalina Othman Said.

The Minister in the Prime Minister’s Department (Law and Institutional Reform) said this may be necessary in light of the issue often raised by the public amid the nation’s move towards digitalisation.

“It is the MPs that should discuss if a more robust insurance scheme is needed for banks and financial institutions that hold our money.

“This is also because we now have a Digital Ministry as the nation heads towards digitalisation,” she said in reply to a supplementary question by Kota Melaka MP Khoo Poay Tiong in the Dewan Rakyat yesterday.

She added that the consumer himself should be careful and alert of scams.

Khoo asked if the banks should be made to bear responsibility for data breaches which result in their customers losing money to scammers.

He cited a recent complaint where a man claimed he had received a notification from a bank at 4.30am informing him of a change in the model of mobile phone used for his online transactions.

“The notification said that there would be a 12-hour cooling-off period before any transactions can proceed.

“However, in less than 12 hours, he found that his money had been transferred out of his account at about 8.30am,” said Khoo.

To this, Azalina said that she too almost fell victim to an online scam after receiving a notification at 3am.

“I was shocked that RM3,000 was transferred out of my account. Fortunately, I managed to get my money back,” she said.

Azalina advised the public to activate the “kill switch” linked to their bank accounts.

“If you get a notification at 4.30am, hit the kill switch on your banking app as soon as possible,” she said.

'Kill switch' can prevent scam victims from suffering hefty ...

The kill switch is an initiative of Bank Negara which was adopted by banks on March 1 last year.

On the law against online crimes, Azalina said it could be tabled and passed during the current meeting.

She called on MPs to debate the issue when that proposed law against online crimes is tabled.

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