On 23 January 2024, the New Straits Times(NST) reported a businesswoman lost RM6.2 million in a fake gold investment scheme.

Numerous cases are similar to non-existent online investment schemes, where the victims are promised lucrative returns, so they get attracted and invest money.

The scammers might be very proficient in social engineering skills to use human manipulation techniques to enable you to trust the investment scheme, which promises lucrative returns.

What happens?

The victim first encountered an investment page on Facebook, and out of curiosity to get more information, she clicked on a WhatsApp number link.

After that, she was added to multiple WhatsApp groups for investment in the gold market.

At first, she did not notice anything unusual when she made 32 transactions into 11 different bank accounts totalling RM6.2 million.

Finally, she realized she was scammed when the scammer did not respond to her and the investment platform was inaccessible.

Our Advice

1) Check with the authorities, like Bank Negara Malaysia or the Securities Commission, for any investment offers on social media platforms such as Facebook.

2) Do not simply click any links because they might be malicious phishing links.

3) One should check the legitimacy of the investment scheme before someone intends to make any investment.

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