The authorities of Malaysia see an increasing number of professional and older investors falling victim to cryptocurrency investment scams. Senior citizens with digital currency investments are most at risk of falling for scams because of high-return promises in the volatile cryptocurrency market.

On March 17 Datuk Seri Ramli Mohamed Yoosuf from Bukit Aman Commercial Crime Investigation Department warns older investors about this threat in his official report. The director warned about a devastating crypto scam situation when a 74-year-old person gave away tens of millions of ringgit to fraudsters.

Scammers Deceive Victims with False Crypto Promises

Scammers trick their victims into thinking they need to buy multiple cryptocurrency coins worth thousands to make good profits on investment. According to Ramli there is no genuine investment involved because the entire plan exists to trick people out of their funds.

The incident functions as a total fraud according to Ramli. Scammers trick people by falsely claiming that investing in cryptocurrency always produces money. The danger of phone scams continues to affect people along with the problems associated with cryptocurrency fraud.

People running scams usually pretend to be official service providers like financial watchdogs or law enforcement agents to obtain money from victims. Police officials Ramli explains how only authorized institutions perform business by phone normally show identification right away since official agencies take direct action.

Ramli explained that phone scams never progress from courier companies all the way to police departments and banking institutions within a single conversation. Recent breakthroughs in technology especially AI and deepfakes make these scams more realistic than ever before.

Government Uses AI and Blockchain to Combat Fraud

Advanced technology assists scams by making exact AI facsimiles of famous personalities who promote fraudulent ventures which experts predict will keep growing. The Malaysian government uses AI and blockchain technology systems to fight financial crime as these threats progress.

The tools increase both the strength of fraud detection systems and let us track criminal money movements better. To protect people from modern scams Ramli pointed out their complex nature and advised citizens to remain composed.

He told decent people through his statement not to take part in these scams because they are following legal rules. You may waste many millions in the scam.

Ramli acknowledged that anti-fraud efforts were making progress even though fraudulent activities became more widespread. During the past year the Royal Malaysia Police”s JSJK division made 23,000 arrests against scam organizations to defend against fraud.

The increasing crime rate includes more Bitcoin mining operations breaking the law in Malaysia now. The authorities found illegal miners who siphoned power from the national power lines resulting in energy sector financial losses.

Technology advances and public awareness will continue protecting Malaysian citizens from targeted criminal activities as both systems stand strong against scams.