![\"my_blog_scams-jpg\"](\"https:\/\/i0.wp.com\/optimized-blogassets.comparehero.my\/blog\/my_MY\/wp-content\/uploads\/2016\/11\/MY_BLOG_Scams.jpg.png?resize=640%2C285&ssl=1\")
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*Updated on 19th Dec 2017<\/p>\n
Did you know that Malaysians are the most vulnerable to internet scams<\/a> according to a survey by Telenor Group? And it\u2019s even worse for our millennials with Malaysian consumers in their 30s and below most susceptible to online fraud<\/a>\u00a0 according to findings from the National Consumer Complaints Centre (NCCC). Aside from that, NCCC also said that millennials often become victims to online fraud as they fall prey to best price and limited edition offers.\u00a0 <\/strong><\/p>\n Almost every day we\u2019re reading a new headline about another Malaysian victim who has been scammed out of thousands of their money. Here is a list of the most common scams happening in Malaysia that you need to be aware of right now so you don\u2019t become a victim and lose your money!<\/p>\n Early December this year, Bank Negara Malaysia (BNM) has cautioned\u00a0the\u00a0public on persons or companies conducting illegal money\u00a0lending activities using fake\u00a0licences purportedly issued by it.<\/p>\n In a statement, BNM said the\u00a0fraudsters aimed to deceive the public by\u00a0posing as licensed money lenders and lure them into making\u00a0initial payments for various purposes related to\u00a0loans,\u00a0such as administrative expenses, stamp duty and\u00a0legal fees.<\/p>\n If you are looking for a personal loan or financing alternatives, you need to know that you are not required to pay any ‘deposit’ or ‘down payment’ in order to get the loan approved. For example, CompareHero.my offers free comparison and application service for both personal loans<\/a> and credit cards.<\/a><\/p>\n So next time an agent or agency asks for you to transfer money to an individual or company account, walk away because it is very likely they will disappear after successfully tricked you for your money.<\/p>\n Be wary if you are approached by an individual or corporation claiming to offer you access to quick cash by helping you to make early withdrawals from your EPF fund. These EPF scam syndicates<\/a> will then charge you a fee ranging from 30% to 60% in commission from the withdrawn amount. The syndicate uses social media accounts, and even uses the EPF logo in order to dupe victims and those desperate for cash. EPF has warned its contributors that these scammers are sending false messages through social media, short messaging service (SMS) and WhatsApp.<\/p>\n Aside from the early withdrawal scam, EPF has also identified false SMS messages<\/a> sent to EPF contributors, claiming their EPF account will be blocked unless they contact the number provided. Don\u2019t respond to such messages. Official messages from \u00a0EPF will display a five-digit short code as sender identification (ID), and the messages will not be sent to members from a personal mobile number.<\/p>\n Remember that as an EPF contributor, you can get into legal trouble if you engage with the scammers to make early EPF withdrawals. Offenders can be charged under Section 69 of the EPF Act 1991 for making unlawful withdrawals. Under the act, those who are found guilty of fraudulent withdrawals can be sentenced to three years jail or RM10,000 fine, or both.<\/p>\n Be wary if you come across cheap travel packages, especially<\/strong> on social media platforms. These type of scams have been on the rise lately, and the tactics these scammers use are:<\/p>\n Scams for Umrah and Hajj packages are also on the rise these days. The biggest red flag it is a scam is the price. As a general rule of thumb, any Umrah package that is lower than RM5,000 is a warning bell. This is because legit packages usually stretch for 12 to 14 days, and it is not logical for any agent to be able to offer packages priced lower than RM5,000 for this duration and still be profitable. As for Hajj packages, it is advisable to go through Tabung Haji to avoid the potential of being scammed.<\/p>\n If you are looking for travel deals, you are better off scoring legitimate travel deals at travel fairs such as the MATTA travel fair which happens twice a year. The travel agents have been screened by MATTA (Malaysian Association of Tour and Travel Agents) so you won\u2019t have to worry about being duped out of your hard earned money.<\/p>\n Tip: Check with the Ministry of Tourism and Culture Malaysia or Malaysian Association of Tour and Travel Agents (MATTA) to verify if the travel agent you are engaging is licensed.<\/p>\n The Australian visa scam is the most widespread Visa scam currently happening in Malaysia. Scammers trick Malaysians into thinking they can save time and money by soliciting their services to get the travel visa for them. Instead, they will find that they have lost their money, and are stranded without a travel visa.<\/p>\n Deal with official or reputable channels to ensure you don\u2019t become a victim of visa fraud or scams. Go directly to the country\u2019s embassy or deal with a licensed and reputable travel agency to get the travel visa. As for Australian Visa, VFS Global operates the Australian Visa Application Centre in Malaysia.<\/p>\n Malaysians should also be wary of facilitators in Malaysia who provide visas and flights to Australia for people who intend to work, usually in fruit picking jobs. It\u2019s a crime and a scam as the visa does not actually allow you to undertake any work in Australia. If you do work in Australia with your travel visa, it is considered a breach of your visa conditions and you could be detained and removed, and subject to the 3 year exclusion period.<\/p>\n If you are aware of, or suspect, a scam in relation to Australian visas, please inform the Australian High Commission in Kuala Lumpur by sending an email to\u00a0visakl@dfat.gov.au<\/a>.<\/p>\n More information on official and proper channels to obtain your Australian travel visa is available on the website.<\/a><\/p>\n Before purchasing \u00a0land, make sure you have done your homework. Land scams are on the rise in Malaysia with cases of forged land titles. Victims will only realise this after taking the land title to the land registry office and find that the land title is under another person\u2019s name despite having paid for the purchase of the land.<\/p>\n To protect yourself, make sure everything is dealt with in black and white, and appoint a lawyer to protect yourself. This is especially if you are not familiar with the procedure involved in purchasing land or property.<\/p>\n <\/p>\n DO NOT<\/strong> put down your signature on any agreement or document before reading it thoroughly or have a lawyer explain it to you.<\/p>\n Aside from that, don\u2019t pay for any deposit before making the necessary checks and having it in black and white. Even if the individual or agent tries to create urgency by saying you will lose your chances of owning the land, insist on going through the proper process.<\/p>\n If you think Malaysians do not fall for these scams anymore, a man recently lost RM120,000 after he was tricked with a lottery scam<\/a>. Aside from scratch and win scams, which many may already be familiar with, scammers have a new modus operandi now.<\/p>\n The scammers will say you have won a lottery, or ask for help to get access to their lottery loot. They usually work in groups and will always require you to give them a sum of money before you can claim your prize or your share of the winning. As for the recent case linked above, the man was asked to help retrieve lottery winning and promised a share of the money. But he was asked for a sum of money first to make sure he won\u2019t run away with the money. After handing over the money, the fraudsters disappeared leaving him thousands of ringgit poorer!<\/p>\n Tip: If you really won something, you should not have to deposit or hand over any amount of money or payment to retrieve it. If you are told to do so, just walk away.<\/p>\n In the first half of 2016, it was reported that Malaysians have lost RM44 million to African scammers<\/a>. Just last week, police rounded up 44 African scam members, which means the scam is still actively running in Malaysia. Although there have been many reports of African scams gracing news headlines, Malaysians are still falling victims to it, with 90% of African scam victims being women<\/a>.<\/p>\n Here are signs to watch out for so you don\u2019t become a victim to it<\/strong>:<\/p>\n These type of scams are still happening because Malaysians are aiding them. The Nigerian men behind these scams enter Malaysia as students in local private colleges. Local women are then usually used because they will provide access as Malaysian bank account-holders who will also pretend to be authorities to scam victims.<\/p>\n If you receive a phone call claiming to be a bank officer who needs to verify your credit or debit card, hang up straight away.<\/p>\n The callers will identify themselves as a Bank employee or even Bank Negara Malaysia (BNM) representatives. The scammer will then tell potential victims that their identification has been compromised or their card has been used. To verify their identification, victims may be required to deposit a sum of cash into an account as a guarantee for an investigation. If not, the potential victim will be asked for sensitive information such as their card number, full name, I\/C number and the Card Verification Value (CVV) number. What happens next is the victim’s account will be emptied out, or their card will be used.<\/p>\n The latest bank impersonator scam in Malaysia is are individuals posing as Maybank bank officials<\/a>. The scammers claiming to be Maybank officers asking potential victims to provide their full name and identification card numbers for verification. When the person they are trying to scam say that they do not have any loans with Maybank, they will tell the person that their identity have been used fraudulently.<\/p>\n The scammer will then provide a number to call. A fake officer would then ask for information relating to the victim’s banking and credit card accounts.The fraudster would then instruct the victim to transfer money to a third-party account on the pretext of safeguarding the victim’s money as well as for investigation purposes.<\/p>\n DO NOT<\/strong> give out any of your personal or banking information over the phone. Remember that banks or BNM representatives will not request for such sensitive information through phone calls, SMS or even e-mail. Call your bank directly to get the matter looked into or go in person to a bank branch.<\/p>\n<\/div>\n Getting a hefty return for your money, especially in a short amount of time can be tempting, but don\u2019t be so quick to fall for it. Scammers use these tactics to take advantage of gullible and greedy Malaysians who wants to make a quick buck minus the hard work.<\/p>\n The most rampant investment scams in Malaysia are<\/strong>:<\/p>\n If you\u2019ve been approached by an individual offering you a high-paying job, especially if it is through social media, be wary. A new job offer scam is on the rise, and the modus operandi is by using social media to scam Malaysians into working for a Macau Scam<\/a>.<\/p>\n Firstly, the victims will be promised jobs with salaries between RM5,000 \u2013 RM7,000 a month via WeChat. The victims will then be told to meet the prospective employer at coffee shops. These Malaysians will then be trained, and then sent abroad to carry out telephone scams.<\/p>\n \u201cNobody conducts job interviews for such high-paying jobs in coffee shops,\u201d – Federal Commercial Crimes Investigations Department deputy director Senior Asst Comm Mohd Sakri Arifin<\/p>\n He also shared that the recruits were trained to impersonate police, Bank Negara and Customs Department officers. The fraudsters will use Voice over Internet Protocol technology to replicate the phone numbers of the Malaysian enforcement agencies.<\/p>\n The recruits then call potential victims claiming they have been implicated in criminal activities overseas, are wanted for buying drugs online or for money laundering. The victims will then be asked to make payments or transfer money into other accounts to prevent it from being frozen.<\/p>\n If you receive calls claiming to be from officials, get the individuals name and don\u2019t give out any of your personal information. You should then call the respective departments by such as police, Customs Department or Bank Negara by manually dialling the number yourself. Do not ask to be connected to a department, or accept if the \u201cofficer\u201d offers to give you a number to call.<\/p>\n Work from home scams are among the top three scams Malaysians fall victims too. Although there are various legitimate online websites for job classifieds such as Jobsteet.com, be careful with other job postings online. A red flag for work from home job scams are usually when you are asked to make a payment first, claiming only after the payment is received will they give more information on the job. These types of work scams will also be coy and not advertise the upfront payment needed. Once you contact them for more information about the work, they\u2019ll demand for payment.<\/p>\n Also, look out for too good to be true phrases on the job ad, such as:<\/p>\n Protect yourself by reading our article, Don\u2019t Become a Victim of Work-from-Home Scams<\/a>. <\/strong><\/p>\n Other scams Malaysians should be wary of are:<\/p>\n Additionally, Malaysians can now go to a verified portal set up by the police to check for fraudulent accounts and to see if the bank account has been involved in fraud cases. It\u2019s currently on a test run but the portal is already up and running here<\/a>.<\/p>\n Remember, be wary when it comes to your money and also your personal information. Don\u2019t fall for anything that sounds too good to be true as fraudsters usually, try to tap into victims who are greedy or gullible. If you want to invest, do know that if it promises high and fast returns, it\u2019s highly likely a scam.<\/p>\nTypes Of Money Scams In Malaysia<\/h2>\n
Illegal Money Lenders Claimed To Be ‘Licensed’<\/h3>\n
The EPF Scam Syndicate <\/strong><\/h3>\n
The Travel Package Scam<\/strong><\/h3>\n
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The Travel Visa Scam <\/strong><\/h3>\n
The Land Scam<\/strong><\/h3>\n
\u2022 Make sure the specific lot of land you want to purchase has an individual grant, don\u2019t just fall for the trick of \u201csite visit\u201d to the land. Insist on seeing a copy of the individual grant then get the grant checked at the land registry.<\/strong><\/div>\n \u2022 Check the zone which the land is in. If you purchase a land with the intent to build a house make sure the land is under residential zone. For example, if it is an industrial zone, you will not be allowed to build a house.<\/strong><\/div>\n \u2022 Appoint your own lawyer when purchasing land to protect your rights and interest. Don\u2019t depend on the lawyers provided by the seller because the lawyer will not necessarily protect your rights and interest fully.<\/strong><\/div>\n![\"my_blog_scams_1-jpg\"](\"https:\/\/i0.wp.com\/optimized-blogassets.comparehero.my\/blog\/my_MY\/wp-content\/uploads\/2016\/11\/MY_BLOG_Scams_1.jpg.png?resize=640%2C285&ssl=1\")
<\/h2>\nThe Lottery Scam <\/strong><\/h3>\n
The African Scam <\/strong><\/h3>\n
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![\"my_blog_scams_2-jpg\"](\"https:\/\/i0.wp.com\/optimized-blogassets.comparehero.my\/blog\/my_MY\/wp-content\/uploads\/2016\/11\/MY_BLOG_Scams_2.jpg.png?resize=640%2C285&ssl=1\")
<\/p>\nThe Bank Impersonator Scam<\/strong><\/h3>\n
\n![\"my_blog_scams_3-jpg\"](\"https:\/\/i0.wp.com\/optimized-blogassets.comparehero.my\/blog\/my_MY\/wp-content\/uploads\/2016\/11\/MY_BLOG_Scams_3.jpg.png?resize=640%2C285&ssl=1\")
<\/h2>\nThe Investment Scam <\/strong><\/h3>\n
\u2022 Macau Scam: <\/strong>A victim is usually contacted by an individual posing as police or bank officer informing the victim that he or she is wanted for criminal offences such as money laundering funding terrorism. This scare tactic is used so that the victim who is desperate will immediately transfer money into the fraudsters\u2019 account to erase their records immediately. Don\u2019t panic if you receive such calls, instead call Bank Negara Malaysia or your bank and do not call using any numbers given to you by the caller.<\/div>\n \u2022 Mecca Investment Scam: <\/strong>A syndicate luring individuals into a \u201cSyariah-compliant\u201d investment in Mecca with promised profits of up to 360% a year. The scam is also known as Mecca Fund Global.<\/div>\n \u2022 Chicago Bond Scam: <\/strong>This is a fraudulent investment syndicate which operates under the name \u201cFederal Reserve Chicago Bond\u201d. It promises very high returns on investments and has reported losses of RM90 million and 7,600 individuals falling victims to it.<\/div>\nThe Job Offer Scam <\/strong><\/h3>\n
The Work-From-Home Scam <\/strong><\/h3>\n
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