Malaysian Man Loses RM120,000 to Facebook Investment Scam

A 51-year-old man from Jerantut, Pahang, fell victim to a Facebook investment scam, losing RM120,000 of his savings in the process. The scam, which operated under the name “Moomoo,” falsely promised investors returns of up to 80% on their investments.

According to Pahang police chief Datuk Seri Yahaya Othman, the victim came across the scheme on Facebook on 6 November. Tempted by the high-profit claims, he withdrew his savings and transferred the funds in three separate transactions to a bank account provided by the so-called agent of the scheme.

Despite assurances from the agent, the victim did not receive the promised returns. It was only after the transactions that he realised he had been defrauded. In response, the victim lodged a police report on the matter. Law enforcement has classified the case under Section 420 of the Penal Code, which pertains to cheating offences.

In light of the incident, authorities are urging the public to remain vigilant and to thoroughly verify the legitimacy of any investment opportunity before transferring funds. Datuk Seri Yahaya Othman advised individuals to use tools such as the Semak Mule platform, accessible at https://semakmule.rmp.gov.my. This platform allows users to check the bank account and telephone numbers associated with individuals or organisations running investment schemes, helping to identify potential fraudulent activities.

With investment scams becoming increasingly common, additional measures are essential to prevent such incidents. Platforms like WikiFX have emerged as valuable resources for individuals seeking to verify the legitimacy of brokers and financial platforms. WikiFX offers a comprehensive database of broker profiles, regulatory information, and user reviews. These features allow users to research brokers and identify unlicensed or suspicious entities before committing to any financial investments. The platforms risk ratings and alerts provide crucial warnings about potential scams, empowering users to recognise red flags early. By leveraging tools like WikiFX, investors can safeguard their savings and make well-informed financial decisions. This proactive approach not only reduces the risk of falling victim to scams but also helps create a safer financial environment for everyone.