How a TikTok Crypto Scam Cost One Investor RM84,000

A Malaysian woman has lost RM84,000 after falling prey to a cryptocurrency investment scam promoted through the social media platform TikTok. The 52-year-old victim was lured into the scheme by a fraudster posing as an investment advisor, according to police reports filed earlier this week.

The scam began in February when the woman connected with the suspect via TikTok. Enticed by promises of exceptionally high returns in a short time, she was persuaded to invest her savings by transferring funds to accounts provided by the scammer. Between 29 May and the following Monday, the victim carried out 17 transactions across five different bank accounts, all of which are now believed to be used as ‘mule accounts’ for fraudulent financial activities.

Tangkak District Police Chief, Superintendent Roslan Mohd Talib, confirmed the case and stated that investigations are currently being conducted under Section 420 of the Malaysian Penal Code. This section deals with cheating and dishonestly inducing the delivery of property, and carries penalties of up to ten years in prison, corporal punishment, and a fine upon conviction.

Law enforcement authorities believe this is yet another example in a growing trend of online scams targeting unsuspecting individuals through social media platforms. TikTok, in particular, has emerged as a popular tool among scammers, exploiting its viral nature to promote non-existent investment schemes to a wide audience.

Police have urged the public to remain cautious when approached with investment opportunities that promise unusually high profits. Authorities stressed the importance of conducting thorough background checks on any investment platform or broker before transferring funds.

For those who believe they may have fallen victim to such schemes, immediate action is critical. Victims are encouraged to contact the National Scam Response Centre (NSRC) via its 997 emergency hotline to request a freeze on further fund transfers from suspicious accounts.

To help prevent financial losses, the public is also advised to use regulatory tools such as the WikiFX mobile application. Available on Google Play and the App Store, WikiFX enables users to verify the legitimacy of investment platforms by offering access to broker regulatory information, client reviews, and risk alerts. WikiFX empowers investors to make informed decisions and avoid unlicensed or unauthorised entities that pose a threat to personal savings.

As online scams continue to evolve and target new platforms, the need for investor vigilance has never been more urgent. While digital investments offer opportunities, they also come with risks that can be devastating if due diligence is ignored.