How much has been lost to these new online investment scams?

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Losses to New Online Investment Scams Estimated at RM689,146

The Royal Malaysia Police (PDRM) has identified a new illegal online investment scheme operating across multiple social media platforms, with estimated losses reaching RM689,146. Investigations initiated in October and November have resulted in the opening of 20 investigation papers concerning this fraudulent activity.
Scheme Operates Under Multiple Aliases

This illicit operation is known by a variety of names, including ‘Like and Share’, ‘Queqiabao’, ‘Test Fight’, ’Zan Zan Le’, and ‘Isharefans’. These aliases are used to attract unsuspecting victims to platforms where the scam is perpetuated.
Victims Lured Through Social Media Advertisements

Most individuals targeted by this scheme were initially drawn in by advertisements, predominantly on Facebook. Advertisers would then provide a contact number, typically for communication via WhatsApp, and subsequently share a link. This link would prompt victims to submit personal details, including their phone number and bank account information.
Deceptive Profit-Generating Mechanism

The scheme involves victims downloading a free application and performing 'likes' and 'shares' on platforms like TikTok or YouTube, earning a nominal RM1 for every 20 daily tasks. Participants are provided with a code to monitor their purported profits. Further engagement is encouraged through various 'packages' ranging from RM99 to RM9,999, which promise higher returns. While initial profits are often disbursed, victims eventually discover they cannot withdraw their earnings, and the provided links are disabled.

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How much has been lost to these new online investment scams?

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