Malaysian authorities warn of uptick in crypto investment fraud

Malaysia sees an increase in cryptocurnent investment frauds, with authorities that warn that more professionals and elderly citizens are.

Director of the Committee Investigation Department Damuk Seri Ramly Mohamed Yoosuf said in Mar. 17 report Senior investors, especially those older than 60 years, should be extra careful and avoided to rush in crypto investments.

Ramly emphasized the recent case where a 74-year-old lost tens of millions of ringgit after falling on the scam.

Some victims, they explained, believe that buying multiple coins of cryptocurnence – each worth hundreds of thousands of ringgits will guarantee a great profit, but in reality, “not made investments, it is exclusively a fraud.”

Beyond Cripto Fraud, the phone fraud remains another big concern. Cripto frauds often represent reliable authorities, whether it is Financial regulatorsbanks, or even enforcement of laws, to Victims trick to hand over her money.

Ramly warned that the local population is careful about false calls on it, pointing out that legitimate agencies like the police, the tax administration and central banks do not work through several steps rejecting between different departments.

“There is no call as a call that begins with the Courier Company, and then connects to the police, Bank and the audit department – everything in one conversation,” he said.

Ramly has grown to an increase in rapid technological advanced progress, making scam schemes more sophisticated.

The scams are more and more Use AI tools based on AI and Deepfake Technology To make their schemes more convincing are often present to represent authorities or legitimate projects. Experts warned that this The trend is likely to continue.

Malaysian authorities are also Converting to AI and BlockCain technology To combat financial crimes, using these tools to improve fraud detection and accompanying an illegal transaction more efficiently.

“How do you respect the law, do not fear and fall for these frauds, you could lose millions,” said many fraud operations from luxurious condoms in densely populated areas like Selangor, Kuala Lumpur and Penang.

Despite the growing threat, the authorities have made some progress in resolving issues, and JSJK last year, which conducted 23,000 arrests related to fraud last year – the figure Ramly described as “significantly achievement”.

In addition to investment fraud, Malaysia also struggled with a bitt in illegal mining operations Bitcoin. As before export By Cripto.NEVS, authorities have been revealed in cases in which miners illegally touch electricity, cost an energy network in the country of hundreds of millions in losses.