A Malaysian Chinese retiree, misled by “low-risk, high-return” claims, fell victim to two consecutive investment scams within just two months, losing a total of 11,000 ringgit in savings. This case highlights the sophisticated persuasion and psychological manipulation tactics used by scam syndicates targeting the elderly, serving as a strong warning for investors.
First-Stage Scam: Fake Stock Platform “PVTC MAX”
In December 2024, the victim first came into contact with an investment platform called “PVTC MAX”. The scammers claimed they could purchase popular stocks below market price through internal channels. Lured by promises of a “guaranteed monthly return rate of 15%”, the victim invested 5,000 ringgit, but the platform shut down without warning, and all funds became unrecoverable.
Second-Stage Scam: Advanced Persuasion and the “Long-Con” Strategy
In January 2025, the same victim was again approached through a WhatsApp group by a self-proclaimed investment specialist from “FALCONHPE”. The scammer gained sympathy by claiming to be a “single mother with a degree in finance from Taiwan” and created a professional image by providing “market data analysis reports”.
Key Stages of the Scam Process:
Initial Small Rebate: After transferring 5,000 ringgit on February 20, the victim received 335 ringgit in returns within three days and successfully withdrew the funds.
Upselling Inducement: On March 1, an additional 3,000 ringgit was invested, yielding another “dividend” of 1,600 ringgit six days later.
Large Amount Frozen: When the account showed a “profit” of 29,597 ringgit, the platform demanded a “handling fee” of 5,031 ringgit before withdrawal could be processed.
Fortunately, the victim noticed that this method was similar to the previous scam, immediately stopped transferring funds, and avoided incurring further losses.
Analysis of Common Scam Tactics by Fraud Syndicates (With Practical Countermeasures)
Scam Stage
Persuasion Characteristics
Prevention Advice
Initial Contact
Approaches victims proactively through social media or messaging groups, fabricating professional backgrounds
Verify the other party’s financial industry credentials and check the platform’s legal registration
Trust-Building
Provides fake profit reports and allows small withdrawals to build trust
Request the actual company address and demand a face-to-face meeting opportunity
Cash-Out Stage
Blocks large withdrawals under excuses such as “handling fees” or “security deposits”
Report immediately to the police and keep all conversation records
Key Reminder: According to statistics from the Commercial Crime Investigation Department of Malaysia, investment scams accounted for 82% of all fraud cases in 2024, with messaging app groups being the main breeding ground for such crimes. Investors should always remember the principle that “high returns always come with high risks” and remain cautious of phrases such as “guaranteed profit” and “insider information”.
Cashback Island Warm Reminder
All investment activities should be conducted through legal channels, and it is recommended to prioritize platforms certified by regulatory authorities. If you encounter suspicious investment invitations, you can verify them through the following methods:
Check the approved list on the official website of the Securities Commission Malaysia (SC)
Request the other party to provide financial practice licenses and company registration documents
Avoid conducting large capital operations through messaging apps
*The cases in this article are factual statements and do not constitute any investment advice. Cashback Island reminds you: assess risks rationally and safeguard your assets.
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