PETALING JAYA: Like it or not, scammers get an “A” for their ability to keep up with the times.
Scam tactics keep evolving with more advanced technologies being used to fleece the ordinary folk, said financial forensics expert Raymon Ram.
“Scammers continuously adapt their methods, employing sophisticated technologies like deepfake videos and professional-looking websites to appear legitimate.
“For instance, there have been cases where scammers used artificial intelligence-generated content to impersonate well-known personalities to gain the trust of their victims,” he said.
However, Raymon said that implementing advanced monitoring systems can help detect and block fraudulent online activities.
“The recent launch of the National Fraud Portal (NFP) by Bank Negara, in collaboration with PayNet and financial institutions, serves as an integrated platform to strengthen the operational efforts of the National Scam Response Centre,” he said.
He said the NFP facilitates automated fund tracing and recovery, enabling financial institutions to swiftly track stolen funds across the financial system, thereby enhancing the chances of recovering stolen funds.
Raymon, who is Graymatter Forensics Advisory Sdn Bhd managing principal, said the amendments to the Penal Code last year, which address offences related to mule accounts, would help to curb the use of bank accounts for illegal activities.
“Furthermore, the Criminal Procedure Code was amended to empower police officers ranked sergeant and above to freeze and seize bank accounts suspected of being used as mule accounts, thus preventing victims’ funds from being withdrawn and facilitating asset recovery,” he said.
Raymon added that the man-in-the-street and those in vulnerable groups such as college students, housewives, the elderly and victims of loan sharks should be educated on the dangers of borrowing money or giving others’ access to their bank accounts.
Public awareness campaigns, he said, must emphasise on red flags associated with investment scams and the verification tools available to assess the legitimacy of investment opportunities.
“Rather than simply advising the public to avoid scams, these programmes should provide actionable guidance on identifying common warning signs such as unsolicited offers, promises of high returns with minimal risk, pressure to invest quickly, and unregistered sellers.
“By understanding these indicators, individuals can more effectively discern fraudulent schemes,” he said.
Additionally, educating the public on how to utilise verification tools is crucial, said Raymon.
For instance, he said the Securities Commission offers an Investor Alert List of unauthorised entities, while Bank Negara provides a Financial Consumer Alert List to guide consumers.
Within the police force, he said the Commercial Crime Investigation Department also maintains the SemakMule portal, which allows people to verify bank accounts and telephone numbers.
“By incorporating training on these resources into public education efforts, individuals can be better equipped to verify the legitimacy of investment opportunities and protect themselves from fraudulent schemes,” Raymon added.
A stockbroker, who declined to be named, said even seasoned investors are falling prey to investment scams, despite being experienced traders, due to the rise in cloned sites.
“These sites look so authentic that they can’t tell the difference. That is why you need to check the URL and the authenticity of the site,” he said.
MCA Public Services and Complaints Department head Datuk Seri Michael Chong said victims of investment scams are often coerced into getting other “investors”.
“The vicious circle never ends. When they lose money, the scammers will tell them that they will be repaid if they can get more people to join the plan.
“This ends up like a pyramid scheme where victims will find more victims,” he said.
Chong said it was common for scammers to create bogus business entities and attractive websites.
“They will make these look real,” he said.
He also found that many of the victims who came to complain to him had “made peace” that their money was gone.
“But they want ‘revenge’ by bringing these people to light,” he said.
Even with all the initiatives to raise awareness of scams, Chong said there had been no end to the reports he received from people who were duped.
“Despite all the warnings, people still want quick money,” he added.
