3-Day Online Scam Trap: Victims Lose $200K—Don't Be Next!

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.