Malaysian Retiree Loses RM 525,000 in Devastating Facebook Crypto Scam
- Police in Kuala Terengganu revealed that a 71-year-old lost all his retirement savings after being lured by a fake Facebook ad promising $500,000 in returns.
- Authorities warn that scammers are now using AI voices and deep fake technology to impersonate trusted officials, making crypto scam harder to detect.
As there continues to be a widespread increase in the number of crypto scam across the world, the security forces in different countries have been forced to put in regulations and systems in place to control the misuse of cryptocurrency. Malaysia, one of the countries where the growth of cryptocurrency cannot be denied, has recognized cryptocurrency as a Shariah-compliant asset after a series of back-and-forths with major exchange platforms.
Also, earlier this year, the Malaysian law enforcement officials issued strong warnings to citizens about the increasing number of crypto-related frauds in the country.
They highlighted that elderly people were the major targets, and they are at a higher risk because scammers often impersonate trusted figures such as police officers, regulators, or even bank employees in order to gain the confidence of victims and pressure them into sending large sums of money. A few hours ago, a report came in regarding a crypto scam that caused a 71-year-old man to lose about RM 525,000.
The Details Of How The Crypto Scam Operated
According to the details shared, the police started the investigation in Kuala Terengganu, where the victim was tricked after responding to an online offer that appeared on Facebook. Basically, the scammer promoted a scheme that promised a huge return on investment, convincing the elderly man to hand over his savings.
The victim first noticed the suspicious investment promotion through a social media advertisement while scrolling through social media, and the victim was told that he could earn around $500,000 in profits. Believing the offer, he went on to transfer money into the suspect’s account through seven different transactions made between the 20th of August and the 27th.
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Unfortunately, all of these transfers came from the man’s retirement savings, leaving him with a significant financial loss. So far, the police have not made any arrests. However, authorities believe that the scam was carried out by a larger criminal syndicate working in the background.
These kinds of fake investment ads have become common in recent years and have continued to be used by fraudsters to lure unsuspecting people. They make use of professionals, make attractive promises, and sometimes even use fake celebrity endorsements or links to well-known crypto projects to look trustworthy. Once victims engage, they are usually redirected to fake trading sites or platforms that would end up causing financial havoc.
Authorities have also expressed concern about how the new technology is aiding the success of the fraudsters. Tools like AI-generated voices and deepfake videos make it easier to imitate real people, tricking victims into believing they are speaking with genuine officials or financial representatives.
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