Be smart and don’t fall for quick money schemes. It will eat you alive and haunt you forever
The Movement Control Order (MCO) or Conditional Movement Control Order (CMCO) provides a perfect situation for the public to fall into the trap of get-rick-quick investment schemes. People are trying to find the fastest way to get rich as most of them, due to losing their main source of income, are strapped for cash and desperate to earn money most quickly.
Investment scams are one kind of financial fraud. According to Bank Negara Malaysia, financial fraud can be defined as an illegal act involving complicated financial transactions. It falls under civil law violation and is usually conducted by business professionals with specific knowledge and with criminal purpose.
Investment Scams in Malaysia during Covid-19 Pandemic:
- Amanah Saham Nasional Berhad (ASNB) in a statement warn Malaysians to be cautious of a new scam that uses the ASNB logo in a circulated Whatsapp message. The sender guarantees great returns of investment within a short period.
- A hospital consultant at Pahang lost RM63,465 from his savings account when he shares his personal account information on a fake BNM website. He had been approached by men claiming to be from both Malaysian Anti-Corruption Commission (MACC) and the Royal Malaysian Police (PDRM), who instructed the victim to use the website as part of an investigation. Two days later, the victim later realized money was missing before lodging a police report.
- BNM also warns the public that