Malaysian authorities have raised concerns over the growing rate of cryptocurrency investment scams targeting professionals and senior citizens in the country and beyond.
On Monday, the Bukit Aman Commercial Crime Investigation Department (CCID) urged the public to exercise caution when dealing with digital currency-related investments. Datuk Seri Ramli Mohamed Yoosuf, who is the director of the CCID, noted that scammers are preying on individuals manipulated by promises of high returns.
“Some victims believe that purchasing multiple cryptocurrency coins, each valued at hundreds of thousands of ringgit, will guarantee profits. However, in reality, no investment takes place—it is purely a scam,” he warned.
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Financial institutions and senior citizens are at high risk
According to Ramli, senior citizens, especially those over 60, are particularly vulnerable. Many victims use their life savings or take out loans in hopes of lucrative returns, only to end up losing substantial amounts. He cited a recent case where a 74-year-old individual lost tens of millions of ringgit after falling for a fraudulent scheme.
The government officials further noted increased scammers impersonating financial institutions, regulators, and law enforcement to gain victims’ trust. Ramli emphasised that legitimate agencies do not engage in multi-step phone calls that claim to connect victims to various departments.
“There’s no such thing as a call that starts with a courier company, then connects to the police, the bank, and an audit department—all in one conversation,” he clarified.
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Rising tech-enabled scams
The rise in digital currency fraud is attributed to rapid technological advancements, with scammers leveraging artificial intelligence (AI) and deepfake technology to appear more convincing. These crimes are most prevalent in highly populated regions such as Selangor, Kuala Lumpur, and Penang, where fraudulent operations often take place from rented luxury apartments.
Despite these challenges, Malaysian authorities have made notable strides in combating financial fraud. “Last year, we carried out 23,000 arrests linked to scam syndicates, which is a major achievement in our fight against financial crime,” Ramli stated.
Authorities continue to urge Malaysians to remain vigilant and verify all investment opportunities before committing funds. “As law-abiding citizens, we must stay alert and not fall for these scams. The consequences can be devastating,” Ramli added.
