Kuala Lumpur: The public has been advised to exercise caution when they are added to chat groups on Telegram and WhatsApp, as they risk falling victim to non-existent online investment scams.

According to BERNAMA News Agency, Yayasan Digital Malaysia chief operating officer Ahmad Faizal Zulkipli highlighted the increasing prevalence of investment scams, which lure victims with promises of quick, lucrative returns, including profits of RM300 in just a few hours. He explained that these scams typically involve enticing individuals to invest RM50 with the promise of earning RM300 within three hours. He warned that while a chat group may appear to have 30 participants, only one or two are genuine outsiders, with the majority being members of the syndicate, most of whom are not even based in Malaysia.

Ahmad Faizal pointed out that the language used by online scammers can often be a clue, as they do not use proper Malay and employ unusual terms not commonly heard in the country. He advised the public to avoid offers that seem too good to be true and to verify bank account numbers and phone numbers before making online investments through the SemakMule portal introduced by the Royal Malaysia Police.

In a separate development, Ahmad Faizal urged traders to adopt digital payment terminal technology, such as the DuitNow QR Soundbox, to prevent payment fraud. He emphasized the importance of verifying transactions each time a customer makes a payment, noting that a common tactic scammers use to deceive traders is fake payment receipts.

He warned that this type of crime is evolving and expected to persist, especially during busy shopping periods leading up to festive seasons. Scammers often exploit such times by deceiving sellers with fake transaction receipts, which can be easily generated using AI or purchased on the dark web. Ahmad Faizal added that these fake receipts can be configured to appear as if they come from any bank, further deceiving sellers.