Catenaa, Thursday, March 27, 2025 – Malaysia authorities have raised alarm over a significant rise in crypto investment scams, particularly targeting senior citizens and professionals, urging heightened vigilance. The Bukit Aman Commercial Crime Investigation Department (JSJK) issued a statement noting that victims, especially those aged 60 and older, are falling prey to fraudulent schemes promising enormous returns on cryptocurrency investments.
Director Datuk Seri Ramli Mohamed Yoosuf highlighted a recent case in which a 74-year-old lost millions of ringgit in a scam that involved purchasing high-value cryptocurrency coins. These scams often operate under the guise of lucrative opportunities, but authorities clarified that no actual investments are made.
The authorities also addressed the growing prevalence of phone scams, where fraudsters impersonate trusted organizations such as financial regulators, banks, and law enforcement. Ramli warned that such schemes are becoming more sophisticated with the use of AI tools and deepfake technology, making detection increasingly difficult.
The Malaysian Digital Asset Platform Association (MDAPA) cautioned that scammers are exploiting social media to deceive vulnerable individuals, particularly seniors seeking financial stability in retirement. MDAPA stressed that regulated exchanges do not guarantee profits or use third-party intermediaries, advising investors to verify platforms through official channels.
In response, Malaysian authorities are deploying AI and blockchain technology to track fraudulent transactions and enhance detection efforts. Additionally, the Royal Malaysia Police have ramped up enforcement, making over 23,000 arrests related to scam operations last year.
