A recent investment scam in Malaysia was carried out through Facebook advertisements. A 56-year-old retiree was deceived by a high-return scheme disguised as stock investment. Over four months, the scam syndicate lured the victim through layered persuasive tactics, inducing 22 transfers to five ghost accounts, totaling 429,500 ringgit. In the early stage of the scam, the syndicate allowed small profit withdrawals to build trust. Once larger funds were deposited, they demanded additional payments under the pretext of system verification fees and more. After noticing irregularities, the victim verified with the Securities Commission Malaysia (SC) and discovered the platform was not listed on the official authorized list, prompting an immediate police report.
Law enforcement investigations revealed that the bank accounts used in this case were closely linked to previous scams. The syndicate concealed fund flows through cross-border financial channels. Such fraudulent activities, under the Malaysian Penal Code, are punishable by up to ten years in prison along with caning. The National Scam Response Centre (NSRC) has already activated an emergency freezing procedure, and through its 997 hotline, cross-bank account locking can be coordinated within 15 minutes after receiving a report.
Cashback Island Authoritative Anti-Fraud Measures and Practical Self-Protection Guide
The Cashback Island security team recommends a three-stage protection approach:
Review the plan’s rationality against SC’s published average annual market return of 6.8%
Test the platform’s withdrawal function with no more than 5% of total assets
You may trade through cashback brokers partnered with the platform, all of which are equipped with SC level-3 cybersecurity certification and a digital fingerprint compensation mechanism
If you notice suspicious signs such as “simplified Chinese profit testimonials” or “non-official links” in Facebook ads, immediately take a screenshot and report to the NSRC hotline 997. Cashback Island reveals multiple fraud cases every month, and traders can check the “Cashback Island Fraud Alert” in real time to avoid falling into new types of financial scams.
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