Malaysia is experiencing a surge in cryptocurrency investment scams, with authorities issuing urgent warnings that professionals and senior citizens, particularly those over 60, are increasingly targeted, as reported on March 17, 2025, by Bukit Aman Commercial Crime Investigation Department Director Datuk Seri Ramli Mohamed Yoosuf.
Ramli highlighted a case where a 74-year-old victim lost tens of millions of ringgit after being deceived by fraudulent crypto schemes promising massive profits, often by convincing victims that purchasing multiple coins worth hundreds of thousands of ringgit would yield guaranteed returns—only for “no investment [to] be made; it’s purely a scam.” This rise in fraud coincides with Bitcoin’s recent volatility below $80,000 and broader market uncertainties like U.S. tariffs, making investors vulnerable. Stay informed on crypto scam trends with Crypto Market Insights on news.thecoininfo.com, and explore in-depth analysis on The Coin Info Hub at thecoininfo.com.
Beyond crypto scams, phone frauds remain a significant concern, with scammers impersonating trusted authorities like financial regulators, banks, or law enforcement to trick victims into surrendering their funds.
Ramli cautioned Malaysians to be skeptical of multi-step phone calls claiming to connect various official departments, such as a call starting with a courier company and escalating to police or bank representatives, noting, “There’s no such thing as a call that starts with a courier company, then connects to the police, the bank, and the audit department—all in one conversation.” He attributed the sophistication of these scams to rapid technological advancements, including AI-based tools and deepfake technology, which make fraud schemes more convincing, a trend experts warn will persist. Malaysian authorities are countering these threats by leveraging AI and blockchain technology to detect fraud and trace illicit transactions, achieving a “significant achievement” with 23,000 arrests linked to scam syndicates last year.
