Teo: Over RM300mil lost to online scams on FB, Instagram since 2021

KULAI: More than RM300mil in losses have been reported since 2021 due to online scams through Facebook and Instagram, says Teo Nie Ching.

The Deputy Communications and Digital Minister said that in the first six months of this year, losses amounting to RM60mil have been reported linking Facebook and RM25mil for Instagram.

"In 2021, losses amounting to RM80mil have been reported for Facebook scams alone, this was followed by RM92mil in 2022 and as of June this year, RM60mil was lost through the illegal activity.

"For Instagram, the losses recorded from the illegal activity was RM20mil in 2021, RM25mil last year and RM25mil in the first half of this year.

"We have had a meeting with representatives from Meta Platforms Inc (Meta) recently where we also presented the numbers to them to prove how serious the issues involving their social media platforms have become," she said.

She said this to the press when met after presenting a cheque to Kulai Ultimate MMA Fitness and Self-Defence here on Sunday (July 9).

Teo said that while social media platforms have provided great convenience to the public, it also puts them at risk of cyber crimes.

"There are many criminals who are using social media for such illegal activity and we urge the public not to easily fall prey to these scams.

"We have sent a strong message to the representatives (from Meta) during the meeting and they have promised to improve efforts in curbing this worrying phenomenon," she said.

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