How Two Simple Messages Triggered a Million-Ringgit Disaster
Online investment scams are on the rise in Malaysia, with recent incidents highlighting how easily people can fall victim to deceptive promises of quick profits. In Penang, a 70-year-old account manager from a private company lost a staggering RM1.36 million after falling for a scam promoted through WhatsApp. The scam involved an ad for a stock trading app called ‘BIONM’, which promised returns of 8% to 15% within just two months.
Hoping to grow his savings, the man downloaded the app, signed up, and transferred money to four different bank accounts over 14 transactions. In total, he sent RM1.365 million to the fraudulent scheme. It wasn’t until he was asked to pay an additional RM1 million as a “commission” to withdraw his supposed profit of RM11 million that he realized he had been scammed and promptly filed a police report.
In another case, a 62-year-old retired government worker was tricked out of RM229,800 by a woman from Indonesia, known as Zizah, after a simple wrong-number call turned into a scam. The woman initially contacted the retiree on March 4, pretending to be looking for a plumber, and over time, convinced him to invest in a scheme promising high returns. After several smaller payments, the retiree made larger transfers, only to realize later that he had been deceived. He too reported the scam to the police.
These cases demonstrate how scammers are increasingly using sophisticated tactics to target vulnerable individuals, particularly older adults who may not be familiar with the risks of online scams. Often beginning with promises of high returns or emotional manipulation, these scams end with victims losing significant amounts of money.
Police are urging the public to remain cautious when encountering investment offers via social media, messaging apps, or from unfamiliar sources. It’s important to verify the legitimacy of any investment opportunity and consult with trusted individuals before making any financial decisions.
