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Crypto scams are becoming rampant in Malaysia, as fraudsters impersonate well-known individuals and financial banks. Sadly, mostly older adults in the country are falling for the tricks. Authorities have alerted the public to be very careful, as these scammers use advanced technology to steal millions from unsuspecting individuals.
Older Malaysian Investors Are the Biggest Targets
Older investors, also known as older citizens in Malaysia, are now prime targets in crypto scams.
Scammers deceive these older citizens, as many do not understand crypto investments well. They promise quick and easy profits, convincing victims to buy expensive coins that do not exist. Once the money is sent, it disappears.
In a recent case, a 74-year-old man lost tens of millions of ringgit after buying fake cryptocurrency. Authorities warned that many of these crypto assets are fake and advised traders to research before investing in any digital assets.
Scammers also create fake websites and investment platforms that look real, making it hard for victims to notice any fraudulent act until it is too late. Officials urged investors to verify the legitimacy of any project before making financial decisions.
Crypto Scams Featuring AI Tools and Fake Calls
Crypto scams is not the only financial crime rising in Malaysia. Phone scams are also a big problem. Scammers pretend to be bank workers, police officers, or government officials. They trick people into sending them money.
Many scams start with a fake courier call. The scammer connects the victim to a fake police officer, bank official, or audit expert in the same call. Officials warned that real government agencies do not operate this way.
Fraudsters also use advanced technology, such as artificial intelligence (AI) and deep-fake tools, to make their schemes more believable. Experts worry these tricks will only become more sophisticated over time.
Nevertheless, Malaysian authorities are taking steps ahead in fighting cybercrime and protecting digital services. Last year, they arrested thousands of suspected individuals linked to scam syndicates, marking a major effort in the fight against financial fraud.
They also use AI and blockchain to detect and flag suspicious activity on digital platforms before traders and investors lose money.
The Rise of Illegal Bitcoin Mining in Malaysia
Malaysia is facing more cases of illegal Bitcoin mining. Reportedly, some miners steal electricity to power their mining machines, causing big losses for the country’s power grid.
Officials have found many mining farms using stolen electricity. These illegal operations strain the country’s energy supply and create concerns about cybersecurity risks.
