Malaysia is experiencing a surge in cryptocurrency investment scams, prompting officials to caution that both professionals and seniors are increasingly becoming targets.
The Director of the Bukit Aman Commercial Crime Investigation Department, Datuk Seri Ramli Mohamed Yoosuf, stated in a report on March 17 that older investors, particularly those aged 60 and above, should exercise heightened caution and avoid hasty decisions when it comes to crypto investments.
Ramli pointed out a recent case involving a 74-year-old who lost tens of millions in ringgit due to a scam.
Some victims, he noted, mistakenly think that buying numerous cryptocurrency coins—each valued at hundreds of thousands of ringgit—will secure substantial profits. However, he clarified that “no real investment occurs; it’s simply a scam.”
In addition to cryptocurrency fraud, telephone scams remain a significant issue. Many crypto scammers impersonate trusted figures, such as financial regulators, banks, or even law enforcement, to deceive victims into surrendering their funds.
Ramli advised the public to be vigilant against fraudulent calls that pose as authorities, emphasizing that legitimate organizations like the police, tax department, and central bank do not communicate through convoluted phone calls that shift between various departments.
“There is no scenario where a call begins with a courier service and transitions through the police, the bank, and the audit department—all in one conversation,” he stated.
Ramli attributed the rise in scams to rapid technological advancements, which have allowed fraud schemes to become more intricate.
Scammers are increasingly utilizing AI-driven tools and deepfake technology to enhance the credibility of their schemes by frequently impersonating officials or legitimate projects. Experts have cautioned that this trend is expected to persist.
Malaysian authorities are also harnessing AI and blockchain technology to fight financial crimes, using these resources to improve fraud detection and more effectively track illicit transactions.
“As responsible citizens, do not be discouraged and don’t fall victim to these scams; you might end up losing millions,” Ramli remarked, adding that many of these scam operations are based in luxury condominiums in densely populated areas like Selangor, Kuala Lumpur, and Penang.
Despite the escalating threat, authorities have made strides in addressing the issue, with the JSJK executing 23,000 arrests linked to scam syndicates in the previous year—a figure Ramli described as a “noteworthy achievement.”
In addition to investment fraud, Malaysia has also been grappling with a rise in illegal Bitcoin mining activities. Authorities have revealed instances where miners have tapped into electricity unlawfully, resulting in hundreds of millions in losses for the country’s power grid.