What are the red flags of clone investment scams highlighted by CCID?

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CCID highlighted several common red flags of clone investment scams, including unauthorised investment apps and fee demands tied to withdrawals.
CCID said clone investment schemes often show clear warning signs before victims lose money. These include being pushed to download an unauthorised app, being instructed to transfer funds to third-party bank accounts, and being blocked from withdrawing profits unless more money is paid. CCID also flagged situations where scammers request additional fees or claim “taxes” for withdrawal.
Victims are asked to download an unauthorised investment app
CCID listed the use of an unauthorised app as a common red flag in investment scams. In the reported case, the victim was asked to download a fraudulent investment app named TRADEJMC, after joining a WhatsApp group linked to a clone investment advertisement.
Funds are directed to third-party bank accounts
CCID highlighted instructions to transfer funds to third-party accounts as another major warning sign. The scam involved transfers totalling RM1.25 million into several third-party bank accounts registered under names such as JMC M Trading Venture, JMC Top Trading, JCG Entire Trading Sdn Bhd, and JMC Flex Solution.
Withdrawal of profits is restricted until extra payments are made
CCID said restrictions on withdrawing profits are typical of clone investment scams. In this case, the fraud was uncovered when the victim was asked to pay an additional withdrawal fee of RM4.5 million, described as 30 per cent of the displayed profits.
Scammers demand additional fees or claim supposed taxes for withdrawal
CCID also warned that requests for additional fees, or supposed taxes, for withdrawal are common tactics used to extract more money. The department’s example involved a withdrawal fee demand of RM4.5 million after the victim had already been shown paper profits.

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What are the red flags of clone investment scams highlighted by CCID?

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