Beware of scammers posing as old coin buyers on social media

National Heritage...The ancient coins that were unearthed in abundance by agents of scrap-metal dealers from the rivebank of Sungai Melaka since last week. Showing old coins recorved from Melaka river.

If you have a social media account like Instagram, chances are you would have been offered up to US$10,000 (RM41,400) for old notes and coins by collectors.

Does it sound too good to be true? The Royal Malaysia Police (PDRM) says it is and warns that you may end up losing your money as it could be another scam.

On a Facebook post, it highlights how the latest scam works:

• First, you’ll get an offer to buy old items like coins and notes on your social media accounts such as Facebook and Instagram.

• If you respond, you will be offered a very high price for it, usually 10x the value.

• If you agree, you will be asked for your bank account details so the money can be paid via bank transfer or telegraphic transfer.

• You will then be informed that the money has been transferred to your account but it has been blocked.

• You will be then be contacted by another party posing as someone from Bank Negara or Customs claiming that you have committed a crime.

• Finally, you will be told that you have to pay a hefty fine.

If you don’t realise at this point you are being tricked and transfer the money then you have no choice but to make a report with PDRM.