Scammers keep getting bolder and bolder with their extortion methods. From impersonating landlords to illegal debt collection tactics, there is no shortage of ways scammers will try to separate you from your money. Be aware of these five red flags when getting on the phone, checking your email, or using social media. This can help you avoid getting trapped in a conversation with a scammer in the first place.
Whether it’s through email, text, phone calls or direct messages, scams seem to be everywhere on the internet. Not all scams are obvious and
many specifically target small business owners. Learn how to recognize a scam, protect your business and know what to do if you become a victim
of a scam.
Being forearmed with knowledge is key to not falling prey to well-trained scammers
Arm yourself with knowledge to identify a swindler
RIGHT before my eyes, I witnessed my friend falling for a classic Macau scam over the phone.
The call from a “government official” had him hooked. Frantically, I gestured to my friend to end the call but he was like a man possessed.
Someone on the other end of the line, claiming to be a government official, informed my worried friend that he had been implicated in a crime of sorts and the only way to escape the consequences was to transfer his money into a “safe account”.
After 45 minutes on the phone, he sent RM5,000 to one such bank account, and this happened on his pay day!
Recalling the incident, my friend said the caller was so convincing and believable that it was hard to cut the line.
This incident came to mind when the long arm of the law finally caught up with Tedy Teow, the founder of MBI (Mobility Beyond Imagination) well-known for its superlative money-making scheme.
He was detained in Thailand about a week ago and is believed to be wanted for questioning over several money-laundering cases in a few countries.
From what I could tell, the news failed to generate much interest on the ground, especially in Penang where the scheme used to have a large number of followers.
It could be that many of his victims were resigned to the fact that their money was as good as gone, even though Teow got arrested.
I have many acquaintances who put money into MBI. A few earned some returns. Most did not.
Now, it is “successful” Macau scams that are dominating the chatter in coffeeshops, offices, watering holes and messaging groups.
Indeed, teachers, engineers, doctors and even a politician were among the prized scalps of these so-called officers from banks or government and law enforcement agencies.
In May, a businessman from Port Dickson with a net worth of over Rm100mil lost a record Rm21mil in one such scam after he allegedly revealed his bank Transaction Authorisation Code (TAC) numbers to a “bank official”.
A sizeable number of scam victims were retirees who lost their hard-earned savings.
As pointed out in one news report, these scammers actually go through a month-long boot camp conducted by professional trainers before they are sent out for con jobs.
Psychology, negotiation skills, the art of persuasion, they learn it all.
They go through gauntlets of role-playing, with one being the “victim” and the other the scam caller, all under the watchful eyes of the trainers.
It has become challenging these days for lawmen to outfox the syndicates which have members even sitting for exams before being certified competent enough to man scam call centres.
And now we hear of increasing cases of dubious bank transfers: money being unknowingly transferred out of savings and fixed deposit accounts after victims were said to have downloaded phone apps.
Protect yourself by not downloading apps from dubious sites!
Then there are the online lovers to whom the lonely give their money even though they have never met face to face.
For those not in the know, this actually happens gradually.
First, the amounts asked for are small. These are quickly returned with a small but appreciable profit. Only after trust is established will the scammer ask for the big amounts.
The situation has never been more urgent as there are still victims who fall prey to such tactics almost on a daily basis.
If you get a call from a scammer, stay calm and rightfully hesitate when asked to reveal your personal banking and user login details.
In the course of a true fraud investigation, government and law enforcement agencies will not transfer calls among themselves. Bank Negara will not transfer your calls to Bukit Aman and vice versa, and never call back the number that was given.
Remember, the police will never threaten to arrest you over the phone; they prefer to do it face to face.
And if it’s a pre-recorded message, just hang up.
Most importantly, if you are a law-abiding citizen who has done nothing wrong, there is indeed nothing to fear.
There is a need for a rational or more balanced TIP measurement for Malaysia.
MANY Malaysians are, by now, aware that Malaysia sits on Tier 3 of the US State Department’s recently released 2021 Trafficking in Persons report.
This is the second year running that we’ve been placed in the bottom rank and it’s hard to accept or even fathom.
Tier 3 countries are those which don’t adhere to the minimum standards and fail to make significant efforts to comply.
Unbelievable as it may sound, Malaysia has been dumped together with the likes of Afghanistan, Myanmar, Iran, North Korea and Eritrea, among others.
And Curacao, which only a search on the Internet revealed its location and informed me is a Dutch Caribbean Island.
Naturally, Russia and China – the two enemies of the United States – grace Tier 3, too. No prizes for anticipating those rankings.
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While Malaysia isn’t exactly the paragon of labour laws, especially for migrant workers, we really shouldn’t accept this report as the gospel truth.
Unfortunately, there’s not much we can do because this is a report from the very powerful US of A, but we should oppose it, nevertheless, even if the government’s silence is hardly exemplary.
The TIP report may have irked us but we have little choice except to face the implications of it.
After all, the US is a big trading partner at No 17 spot with bilateral trade in goods at US$71.4bil (RM317.8bil) in 2021.
China has been Malaysia’s No 1 trading partner for the last 13 consecutive years hitting US$176.8bil (RM786.8bil) in 2021.
The impact of this report is serious because any form of bans or seizure of our palm oil and rubber gloves, due to allegations of forced labour, would cost us millions and a dented reputation.
The 634-page report even has a section on the powers of the US president, which allows him to penalise errant countries if he deems necessary, and his jurisdiction covers a wide area.
Most of us would also not take the trouble to find the link to the lengthy report and read the contents in its entirety, including politicians and journalists who have freely offered their opinions.
It’s hard to comprehend, especially when, with due respect, the Philippines is in Tier 1. In Tier 2, the notable countries include Benin, Bangladesh, Burundi, Congo, Guatemala, Ecuador, Gambia, Liberia, Mozambique, Niger, Sierra Leone, Guatemala, Cote D’Ivore (Ivory Coast), Nigeria, Rwanda and Lesotho.
Tier 2 countries are those whose governments do not fully comply with the US Victims of Trafficking and Violence Protection Act’s minimum standards but are making significant efforts to bring themselves into compliance.
The Tier 2 watch list includes Burkina Faso, Cameroon, Chad, Comoros, Djibouti, El Salvador, Ethiopia, Gabon, Eswatini (ex-Swaziland), Mali, Guinea and more.
And Malaysia is in Tier 3 – far away from some of these countries, where human lives mean nothing. Something’s wrong here.
So, how does the US define violations of human trafficking? They include forced labour, prostitution, imposition of debts, restrictions of movement, contract violation, wage fraud, assault, passport retention and threats of deportation.
At page 364, the report says, “the government of Malaysia does not fully meet the minimum standards for the elimination of trafficking and is not making significant efforts to do so, even considering the impact of the Covid-19 pandemic on its anti-trafficking capacity; therefore, Malaysia remained on Tier 3.”
But it concedes that “the government took some steps to address trafficking. The government amended its anti-trafficking law and Employment Act to include more expansive definition of forced labour, convicted more traffickers than the previous reporting period; issued more freedom of movement passes for identified victims in government-funded shelters, increased the number of interpreters and victim assistance specialists (VAS) to assist victim through judicial process, and adopted a five-year national action plan.”
The sectors mentioned involved trafficking victims such as household workers, and those in palm oil and rubber manufacturing sectors.
The TIP report hardly had the good grace to use the word “allegedly” in many instances in the report. Instead, it expects everything to be taken as fact without evidential backing.
It harps a lot on employers holding the passports of workers. However, most Malaysian employers have long known that workers who run away are barely perturbed about losing these documents.
The impression given is that their embassies issue replacements with minimum fuss.
Employers have suffered huge losses signing contracts to recruit foreign workers – only to see them run away to another employer for higher wages.
Certainly, our weaknesses need to be addressed. Many may be mere allegations and even cultural differences in the American interpretations and definitions, but there are many areas in which we need to improve.
Fine-tuning the law and going after corrupt officials are surely matters of concern.
Malaysian employers have expressed disappointment that the revisions of the Malaysian Sustainable Palm Oil (MPSO) certification scheme for palm oil plantations to improve workers’ rights, had not been acknowledged in the TIP report.
The MPSO revisions included clear emphasis on worker rights. But why did the TIP report ignore these changes, invariably raising suspicion to whether there was a predetermined conclusion for the report on Malaysia?
“The report is also clear that it does not take responses by non-governmental and commercial sectors into account. In other words, it is supposed to be a critique of government policies.
“There is a problem with this approach; sectors that are doing the right thing – and even attempting to remedy the situation – are nonetheless penalised for their actions,” reads the rebuttal from Malaysian Palm Oil Labor Facts.
It said the report “appears to be authored by the Fair Labor Association – an NGO that many of Malaysia’s plantation companies have engaged with directly to improve labour rights situation in Malaysia” and “in fact, the highlights that one of the recommendations that the TIP report made to Malaysia was greater engagement with NGOs – something the industry was already doing.”
It pointed out that in one entry in the TIP report, it used “the same quote for three years running,” so, “does this mean the TIP report has just become something of a box-ticking exercise?”
The TIP report is admittedly useful, but the US also needs to acknowledge that many steps have been taken to improve human and labour rights, especially in the palm oil sector.
Malaysia also recently formally ratified the International Labour Organisation forced labour convention, known as Protocol 29, to commit Malaysia’s efforts to eliminate forced labour.
Last year, Malaysia even signed up with Alliance 8.7, a global partnership to accelerate efforts to eradicate force labour, modern slavery and child labour around the world.
Malaysia depends on oil, gas and palm oil, which have become the life savers of this country, and these commodities have helped improve the lives of many Malaysians, especially for those from the rural areas.
The Gross Domestic Product from the palm oil industry, according to 2020 figures, was estimated at RM36.87bil.
More than 650,000 smallholders and over a million people rely on the palm oil industry as their source of income.
Malaysia is also a net exporter of crude petroleum as it exported over RM53bil worth of petroleum in 2020.
But palm oil producers seem to have a harder time with continuously bad press and unfair tactics applied by European countries.
Basically, this is just a bitter fight between palm oil, sunflower oil and soybean, of which the US is the world’s leading producer.
Deforestation and its impact on animals have always been emotive issues used effectively against the palm oil industry – of which Malaysia and Indonesia make up the bulk of.
In the peninsula, oil palm planted area in 2021 covered around 5.74 million hectare (45.5%), Sabah (26.6 %) and Sarawak (28%).
Although Johor covers about 699,217ha, it is much lower than Pahang at 755,906ha, but the former has found itself in the spotlight recently. Palm oil is not even Johor’s main revenue source.
No one has, however, reported that elephant paths have been set up in Johor plantations to ensure these animals have access to food, since planters are aware that if their homes are affected, their plantations, too, would be compromised.
Two recent issues – the claims by the Sulu heirs on Sabah and the TIP reports – have certainly affected Malaysia.
Instead of jumping on the naysayer bandwagon, which seems fashionable to some of us, it’s time Malaysians rally to defend our country.
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Wong Chun Wai began his career as a journalist in Penang, and has served The Star for over 35 years in various capacities and roles. He is now group editorial and corporate affairs adviser to the group, after having served as group managing director/chief executive officer. On The Beat made its debut on Feb 23 1997 and Chun Wai has penned the column weekly without a break, except for the occasional press holiday when the paper was not published. In May 2011, a compilation of selected articles of On The Beat was published as a book and launched in conjunction with his 50th birthday. Chun Wai also comments on current issues in The Star.
The US' so-called Uyghur Forced Labor Prevention Act (UFLPA), which has been widely described as an "evil bill," may be ...
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Corporate giant: ‘The Tree Whisperer’, the official biography of Tan Sri Dr Lee Shin Cheng, founder of IOI Group, was published recently,
three years after his death. –YAP CHEE HONG/The Star
Author: Lee Hoong Lian Published Date：2022/6 Language： English Number of pages: 448 pages ISBN：9789672949206
The Official Biography of Tan Sri Lee Shin Cheng, founder of IOI Group
HE lived a frugal life despite his fortune of billions and had no interest in or knowledge of luxury brands.
The late Tan Sri Lee Shin Cheng was more comfortable in his simple shorts while at his sprawling palm oil estates. True to his nature, he even showed up at the office in the evenings in his modest attire.
In fact, his shirts were often less than RM100 each and for 30 years, he carried a grey Samsonite briefcase bought in the 1980s.
Yet, he had no qualms about contributing millions of ringgit towards Chinese education, especially to the development of the centuries-old old Kuen Cheng High School and Shin Cheng (Harcroft) Primary School.
He also donated 30 million yuan (RM20mil) to Xiamen University Malaysia without hesitation.
The Kuala Selangor born Lee dropped out of school twice – once while in primary and later during secondary level – and was denied jobs in rubber estates, run by the British then, because he couldn’t speak English fluently.
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Lee on his walkabout around his greenfield plantation in Sabah.
He was turned down for a job at an estate owned by the British company, Dunlop Estates, in the late 1960s, due to his inadequate academic qualifications.
But after making enough money about two decades later, he bought the holding company of the same estate that didn’t employ him.
Lee understood the importance of education and was determined that future generations of Malaysians would not be like him, having been born at a time of economic hardship.
Lee, the founder of IOI Group, died on June 1, 2019, just two days shy of his 80th birthday.
Three years on, his official biography (in English, no less) has finally been published and released early this month.
Most of his business friends, staff and associates are aware of his story, but this book will serve as a testimony to ordinary Malaysians in search of inspiration and useful lessons in tackling challenges.
At the tender age of 11, Shin Cheng left school to become an ice-cream seller, and in fact, was even too short to get onto the bicycle.
He tried his hands at everything, including starting off as a rubber estate cadet in Banting, Selangor, and later, a failed attempt as a pig farmer, petrol station dealer, property developer to finally, opening a whole new plantation frontier in Sabah and other parts of Malaysia.
Lee as a young man.Lee as a young man.
Spending more of his time in remote areas to tend to his oil palm trees than his family, Lee would end up being aptly called “The Tree Whisperer.”
Lee was also known as the tree whisperer because he loved talking and singing to his trees. He once said every tree is different, just like women.
So, he would talk to them, get to know them better, saying it would help them grow better, according to a report in The Edge.
Known as a stern and intimidating boss who would not tolerate laziness and negligence, his management staff were known to be wary of him.
He had a keen eye for detail and in his “management walks” of his numerous businesses, everyone was expected to answer his questions.
Lee, who was fluent in Tamil, was able to interact with the Indian staff at his estates.
With a fortune worth US$4.7bil (RM19.7bil), Lee was ranked by Forbes as Malaysia’s fifth-richest man and the 325th richest man in the world in 2019.
IOI Corp, with a market capitalisation of RM26.32bil then, remains an integrated palm oil company which has operations in eight countries across Asia, Africa, Europe, and North America.
It’s among the 30 largest companies listed on the Main Market of Bursa Malaysia, forming one of the component companies of the FTSE Bursa Malaysia KLCI, the stock exchange’s benchmark index.
As for IOI Properties, valued at RM7.37bil, it’s a property development and investment company which has a substantial presence in Singapore and China.
It was the property arm of IOI Group prior to its spin-off listing on Bursa Malaysia in January 2014.
The book is essentially divided to his childhood days, his meeting with his future wife, Puan Sri Hoong May Kuan, who was a teacher in a rural school, his early working days and business ventures, his growing family, his expanding ventures, his relationship with his family and responsibilities, and more importantly, his contributions to the community.
Lee and Puan Sri Hoong tied the knot in 1963.
On the corporate front, Lee was ever the polite gentleman. But even gentlemen can be aggressive if the situation warrants it.
Two chapters have been devoted to the hostile takeover bid by Sime Darby Bhd to gain control of Palmco Holdings Bhd, an oleochemicals manufacturer in which IOI Corp was the single largest shareholder at the time.
Sime Darby had, in July 2001, made an unexpected conditional voluntary offer for all the shares – at RM4.35 apiece – in Palmco.
A few hours later, IOI Corp, which held a 32.1% stake in Palmco then, said it had no intention of accepting Sime Darby’s offer.
It was a dramatic business story as the media played up the fight between IOI and Sime Darby.
Within days, IOI Corp launched a takeover on Palmco by matching Sime Darby’s offer, forcing the latter to raise its asking price to RM4.60 per share.
Lee emerged the victor finally. The takeover saga ended in October after IOI Corp got hold of more than 50% stake in Palmco.
Lee never stopped working. In 2017, though, he was diagnosed with lung cancer. After several visits to the hospital for treatment, it was finally time for him to go home.
However, he arrived an hour later than expected.
“It turned out that he had asked his driver to make a stop at IOI City Mall before heading home.
“At that time, construction work for the mall’s second phase of expansion was already underway, and he wanted to look.
“Too weak to walk or stand, Shin Cheng could only remain in the car while he met with executives from different departments.
“They formed a neat circle around the car, taking turns to answer his questions and update him on the construction’s progress.”
Although Lee was a well-known public figure, he kept deferring writing a book because he was still energetic and wanted to do more in business and education before committing himself to a book. The decision to publish this biography was made by his family not long after his passing.
His biography is a page-turner because it’s well-written with in-depth research, especially on some of his corporate deals. The author, Angeline Lee Hoong Lian, is also a good storyteller and can hold her readers. The English translation was done by Michelle Tan Ching Wuen.
The Chinese version was released in January this year with the English version published in early July.
Certainly, this is a highly recommended book because it’s not just about Lee’s business success, but an inspirational journey about how a man, who had nothing, could reach the pinnacle of his career through his tenacity and enterprising spirit.
And yet, he remained humble and down to earth, preferring to be known for his contributions to education and helping the poor.
Lee was small in stature, but he was indisputably a giant in the Malaysian corporate world and will go down in history as a legend.
‘The Tree Whisperer’ is available for purchase at major bookstores or online at https://bit.ly/3y7X1vs..
Paying more: A file picture showing a truck passing by stacked containers. The ringgit’s loss of value against the
US and Singapore dollar attracts attention, considering that Singapore is Malaysia’s second largest import source, next to China while the
United States is the fourth largest import source, according to economists. — Bloomberg
Economists call for
the preservation of fiscal and debt sustainability THE weakening
ringgit against the currencies of two of Malaysia’s largest …
Entrepreneur, philanthropist, get-rich-quick ‘hero’ wanted in M’sia and China
He lorded over a mighty empire – hotels, restaurants, agro parks, housing estates with fancy theme parks, the sprawling M Mall – and even
had his own digital currency Mcoin. But big man Tedy Teow has fallen hard. Caught in Thailand for money-laundering, the MBI boss now faces criminal action in three countries.
GEORGE TOWN: He once lorded over much of Penang as the “King of money games”. But how the mighty has fallen.
Tedy Teow, the founder of MBI – Mobility Beyond Imagination – can now start imagining himself being restricted in prison cells in three different countries, all of which want him for questioning over several money-laundering cases.
It’s a far cry from his glory days. Then, he ruled over an “Mpire” that had pretty much everything – housing development, malls, a chain of hotels,
an ehailing service and even its own brand of smartphones.
Not bad for a kid who had started out selling pencils, exercise books and combs.
It was during a time when there were plenty of get-rich-quick schemes in Penang which prom
It was during a time when there were plenty of get-rich-quick schemes in Penang which promised high returns – JJ Poor To Rich (JJPTR), Richway Global Venture, Mama Captain, and Change Your Life (CYL) – but MBI was the darling of them all.
Teow had a large following here particularly with the hawkers, self-employed professionals and ordinary folk who wanted to make a fast buck.
ALSO READ: Police apply to repatriate ex-fugitive Teow from Thai custody
“He was my hero. I made a few thousand ringgit monthly from my investment in MBI then. But eventually, I lost it all after I doubled my investment, only to see the company collapsing later on,” said hawker BK Khor, 58.
While many heaped praise on the big man, some also nearly lost their life savings when MBI was red-flagged by authorities in 2019.
A technician at a factory in Bayan Lepas free-trade zone, who wanted to be known only as James, said he learnt about the scheme through one of his friends.
“This was about four years ago. After earning a profit each month for about one year, I put in everything I had. I was lucky to break even in the end,” he said.
From glory to gloom: The M Mall, which was once bustling with activity (below), now stands practically abandoned along Jalan Datuk Keramat in Penang. — CHAN BOON KAI/The Star
Fast-forward to today, Teow is now in custody in Thailand and awaiting deportation after he was arrested in Songkhla last Friday. And both Malaysia and China want him in their hands.
The Malaysian police are applying for a repatriation exercise for Teow to return to the country to assist in investigations under Section 420 for cheating.
Beijing police also reportedly want him for questioning. This is after a suit filed end of last year by about 400 investors from China to recover investments worth some RM100mil.
In 2019, about 100 Chinese nationals staged a peaceful protest outside the Chinese embassy in Kuala Lumpur to complain that they had been cheated by an online pyramid scheme operated by MBI.
Coincidentally, it was in China that Teow got his “second shot at life” according to a YouTube video released in 2013.
Titled The Story of MBI International’s Boss, the video was a biography of Teow as an enterprising schoolboy in the 1970s, bringing pencils, exercise books, combs and assorted items to sell in his school.
The video also described Teow’s view of great potential in the franchising industry, which led him to start his beverage company called “Island Red Cafe” in 2008.
The company boasted having the best and trendiest coffee culture in the country but it was actually little more than just a chain of coffee shops.
Anyone interested could invest in the company. A year later, many shareholders stopped getting their returns. And police reports were lodged.
In 2011, Teow and his son Chee Chow were sentenced to a day’s jail and fined RM160,000 after admitting to two counts of cheating and misleading investors of more than RM1mil in the Island Red Cafe scheme in 2010.
Not long after came MBI. It took Penang by storm with offers of “lucrative” returns and was big news in 2015.
Teow was then director of Mface International Bhd and MBI Marketing Sdn Bhd, two companies under the MBI group.
The company set up M Mall 020 in Jalan Datuk Keramat as its headquarters. The mall had several convenience stores which sold its own brand of body lotions, shampoo products and general trading.
Members could use digital currency called Mcoin to buy and redeem stuff from M Mall.
The company even launched its own line of MBI International smartphones then.
MBI also had a chain of hotels including one in Jalan Sultan Ahmad Shah and a Chinese restaurant in Jelutong. It also operated an e-hailing service called MULA car.
MBI’s popularity skyrocketed and there was a huge development project next to the Penang International Airport called Mpire Residences being proposed. It never materialised.
The company spread its wings to Kedah with a housing project in Kulim called MBI Desaku.
Teow turned philanthropist when he set up MBI Charity 100, a social responsibility effort by MBI Group to help the poor and the needy. The objective was to hold 999 charity events each year.
But in 2017, Teow’s world came crashing down. M Mall was raided by police, while 91 bank accounts linked to MBI International were frozen. The accounts held RM177mil.
Teow would later face two charges of issuing unrecognised payment instruments. In 2018, he was fined RM2.5mil and RM3mil by Bank Negara for financial irregularities.
Last year, police said Teow and his two sons were also involved in a Macau scam totalling up to RM336mil.
Teow’s family has not been spared, too. His son was held at knifepoint after three Chinese nationals broke into the family’s house looking for him for a refund.
The intruders fled but not before dropping two fake bombs in the house.
But now, the real bombshell has fallen. Teow is under police custody. But his story has surely not ended yet.
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