News & Reviews:   fraud

Communications Minister Fahmi Fadzil recently revealed that Facebook, TikTok, WhatsApp and Telegram have been identified as the most preferred platforms for scammers to commit fraud in Malaysia. He added that losses from scams and fraud on these 4 platforms had easily reached hundreds of millions of ringgit.

Love scam happens quite often in this digital world but this one takes the cake. It was reported that a French woman lost $850,000 (~RM3.8 million) to a Brad Pitt impersonator.

As Malaysians are being scammed nearly every day and public trust in our banking systems have plummeted, Bank Negara Malaysia (BNM) was recently reported as announcing that all Financial Institutions like Banks must bear the full responsibility for fraud or scams due to lapses in security. Read more here.

Prime Minister Datuk Seri Anwar Ibrahim in Parliament today moots a new law to hold banks accountable for scam cases. Giving the current rules in the UK as an example, Anwar said that Malaysia should adopt the same principle by making banks compensate scam victims, if the banks were found to be negligent.

Another day in Malaysia and another Malaysian is scammed or cheated. Online scams alone have involved billions of ringgit lost or stolen and new AI tools are enabling scammers as well. Once lost or stolen, recovering said assets can be near impossible (unless you’re really lucky). So, it is better to not get scammed in the first place by being aware of all the possible scams that exist here in Malaysia.

In our opinion, knowing is half the battle won so we’ve listed our top 3 common scams here in Malaysia. In addition, there are already many official online resources such as the Latest Trending Commercial Crimes ebook from PDRM, the Financial Consumer Alert list from Bank Negara Malaysia and more. Read on to avoid being scammed in Malaysia.

Banks in Australia will be forced to pay compensation to their customers who lost money due to fraud under new laws proposed by the country's government. According to Bernama via Malaysiakini, this law has been legalised. So, what should you know about it?

As you should know, scam cases have been rising since the pandemic and even more so this year. This can also happen on online stores and Apple is proud to announce that from 2020 through 2023, Apple prevented a combined total of over $7 billion in potentially fraudulent transactions.

This news might shock you. Recently, the founder of cryptocurrency exchange service FTX, Sam Bankman-Fried (SBF) has been sentenced to 25 years in prison by a court in New York. SBF was found guilty of seven charges involving money laundering and online fraud last November in a fraud case involving losses of up to $8 billion (~RM 38 billion).

The Royal Malaysia Police (PDRM) and Whoscall are collaborating to bolster Malaysia's defenses against scams. At the 'Scam Free Malaysia Carnival', they recently announced the giveaway of 1 million Whoscall Premium accounts, worth over RM87 million for free, to help protect Malaysians. 

Personal and private phone data theft has been on the rise lately. This is dangerous because it not only makes you more prone to fraud and scams, but it could also lead to financial loss. That said, these are the 10 Android apps that could steal your private data.