RM5.62 Billion Lost to Scams: How Online Fraud is Targeting Malaysian Traders
Online fraud in Malaysia has escalated to unprecedented levels, with reported losses totaling RM5.62 billion between 2023 and 2025. In 2025 alone, the country saw RM2.77 billion in losses, marking the highest-ever recorded amount in the nation's history. This surge in online fraud, fueled by digital payments and social media platforms, has raised significant concerns among authorities.How to Spot a Scam in Forex and Fintech Trading:
1. Unrealistic Promises of High Returns
If a platform guarantees high returns with little or no risk, it’s likely a scam. Legitimate trading always involves risk, and no one can promise consistent, high profits. Be cautious of "too good to be true" offers.
2. Unregulated or Unverified Platforms
Ensure the platform is regulated by trusted authorities, like the Malaysian Securities Commission or FCA. If the platform lacks clear regulatory information or is hard to verify, it’s a major red flag.
3. Unusual Payment Methods and Withdrawal Issues
Scammers often ask for payments via untraceable methods like cryptocurrency or gift cards. Additionally, difficulty withdrawing funds is a sign of fraudulent activity.
4. Fake Testimonials and Vague Terms
Be wary of platforms with fake testimonials or overly complicated terms and conditions. Legitimate platforms provide clear, transparent information and verifiable reviews from real users.
By recognizing these key red flags and staying informed, traders can protect themselves from falling victim to online scams. Always verify platforms thoroughly before committing your funds.
If a platform guarantees high returns with little or no risk, it’s likely a scam. Legitimate trading always involves risk, and no one can promise consistent, high profits. Be cautious of "too good to be true" offers.
2. Unregulated or Unverified Platforms
Ensure the platform is regulated by trusted authorities, like the Malaysian Securities Commission or FCA. If the platform lacks clear regulatory information or is hard to verify, it’s a major red flag.
3. Unusual Payment Methods and Withdrawal Issues
Scammers often ask for payments via untraceable methods like cryptocurrency or gift cards. Additionally, difficulty withdrawing funds is a sign of fraudulent activity.
4. Fake Testimonials and Vague Terms
Be wary of platforms with fake testimonials or overly complicated terms and conditions. Legitimate platforms provide clear, transparent information and verifiable reviews from real users.
By recognizing these key red flags and staying informed, traders can protect themselves from falling victim to online scams. Always verify platforms thoroughly before committing your funds.
The Importance of Awareness and Prevention:
As scammers become more resourceful. For traders and investors, this means taking extra precautions to ensure they are engaging with verified platforms and following best practices to safeguard their financial interests. Here are a few steps to stay protected:
1. Verify Platform Legitimacy: Always ensure that a platform is regulated and licensed before investing or trading. Research customer reviews and verify the background of any broker or trading platform.
2. Use Secure Payment Methods: Always use secure, verified payment methods and be wary of any platform asking for personal banking information.
3. Stay Informed: Keep up with the latest news regarding online scams and report any suspicious activities to authorities or platform administrators.
The rise of online fraud in Malaysia, especially within the forex and fintech sectors, underscores the need for constant vigilance and awareness among traders. Scammers are increasingly targeting digital users, but by staying proactive, verifying platforms, and following best practices, traders can better protect their investments. Knowledge and caution are key in navigating this evolving landscape safely.
1. Verify Platform Legitimacy: Always ensure that a platform is regulated and licensed before investing or trading. Research customer reviews and verify the background of any broker or trading platform.
2. Use Secure Payment Methods: Always use secure, verified payment methods and be wary of any platform asking for personal banking information.
3. Stay Informed: Keep up with the latest news regarding online scams and report any suspicious activities to authorities or platform administrators.
The rise of online fraud in Malaysia, especially within the forex and fintech sectors, underscores the need for constant vigilance and awareness among traders. Scammers are increasingly targeting digital users, but by staying proactive, verifying platforms, and following best practices, traders can better protect their investments. Knowledge and caution are key in navigating this evolving landscape safely.
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