A web of scum and villainy, Scam complaints in Malaysia up 300% since 2019

PETALING JAYA: They were professionals in the field of finance, banking, accounting, education and information technology, and were well aware that cyberspace was rife with scams.

However, this did not shield even them from being scammed by a syndicate with members posing as seasoned stockbrokers supposedly from well-known investment firms based overseas.

A frugal and astute investor, finance manager Ken Wong – who lost over RM450,000 – had made wise financial choices throughout his working life, building a secure nest egg for his future and family.

With a background in accounting and being savvy in financial matters, the 41-year-old employee of a logistics company never expected to find himself ensnared by a deceptive investment scheme.

Although he was aware of scams in cyberspace, all it took was six weeks of cunning, convincing and crafty assurances by scammers before Wong was ripped out of his hard-earned savings.

“I am very thrifty and careful with my expenditure, saving as much as I can for my family, and this is really devastating.

“What if this happens to someone in their old age? It would engulf that person with hopelessness. This is why I would label these scammers as nothing less than ‘murderers’ as they can kill a person by snatching away their sanity and future,” he said.

Still reeling from his loss, Wong said it all started in May when he spotted an advertisement on Facebook that offered insights and short courses on foreign stock investments.

Out of curiosity, he clicked on a link and was promptly greeted by a person who introduced him to the courses, which were being offered for a fee of RM364.

He was then added to a WhatsApp group where lessons were conducted by several foreigners.

Wong said at first, the group only discussed matters related to the course and shared tips on stock investments.

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However, weeks later, the scammers, claiming to be foreign institutional investors (FIIs), started introducing and encouraging investments in foreign initial public offering (IPO) stocks, assuring him he could double his money.

Wong said he downloaded the company’s application and what started with a RM10,000 investment led to him pumping in more funds until he realised he was being deceived by bad actors.

He later learnt that the scammers had cloned real-time foreign stock exchange webpages and created features that convinced their victims to believe they were managing their own funds.

“They were so convincing and persuasive, encouraging us to manage our own investments.

“Having downloaded their app and transferring my funds to local business bank accounts were other factors that had me into believing it was a legitimate business,” he said.

“On record, my investment had doubled, but I could not make any withdrawals. When I questioned them, they demanded I invest another RM1.7mil if I wanted to make withdrawals. This is when I realised I had been fleeced.”

Wong said he was in touch with nine other victims including other professionals in the field of investment and finance, and they formed a group to seek avenues to recover their lost funds.

Another victim, who wanted to be known only as Queenie, said she decided to join the scheme after seeing it on Instagram.

“I felt confident because the scammers had fraudulently used the photos of a well-known investment influencer to promote their scheme. They claimed we could receive returns of over 400%.

“Now that I have lost my life savings, there are feelings like anger, sadness and denial.

“I think I am going through depression,” said the 46-year-old banker, who lost over RM230,000, part of which she had borrowed from a friend.

A 41-year-old private university lecturer said he lost RM120,000 of his savings and from his parents’ retirement fund.

He said he was invited to join a WhatsApp group by a woman who claimed to be a Singaporean.

“She told me that she was invited by the government to educate Malaysians on stock investments and encouraged me to join her classes. No payments were demanded in the beginning, but we were then lured into investing after weeks of receiving tutorials on stocks,” he said.

Siva, a 32-year-old office administrator, said he lost RM200,000 that he had partly borrowed from his family.

“I had saved the funds to buy a house as I am getting married soon. I do not know how to break this news to my family,” he said.

All four victims have lodged police reports.

The syndicate, operating under the guise of being stockbrokers, was busted by commercial crime police in September when 17 suspects aged between 23 and 52 were held.

Police said the syndicate had raked in over RM33mil from victims and at least six more suspects are being hunted, with 66 police reports lodged since January.

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Scam complaints in Malaysia up 300% since 2019

PETALING JAYA: Complaints and enquiries on scams and unlicensed activities shot up by over 300% between 2019 and 2023, according to the Securities Commission (SC).

The commission’s Investors Alert List sighted by The Star also revealed that some 15 sites were flagged by the SC for operating as potential clone entities so far this year.

Clone entities are outfits that misuse the name and credentials of legitimate financial and investment bodies.

In the SC’s 2023 annual report, it was revealed that the regulator received 3,262 complaints and enquiries on scams and unlicensed activities – a 321% increase within those four years.

The SC said social media platforms such as Facebook and messaging apps like Telegram continue to be the primary mode for perpetrators to carry out their illegal activities.

“A new modus operandi observed in 2023 was the use of e-wallets and cryptocurrency as the mode of payment involving investment scams, compared with the mule bank accounts that were used previously.

“This may be designed to avoid easy detection and prompt interventions by enforcement agencies,” it added.

In addition to taking action based on complaints and enquiries, the SC has also dedicated a unit to proactively monitor and detect unlicensed activities and online scams targeting Malaysians.

As of Dec 31, 2023, a total of 569 URLs offering unlicensed activities to Malaysians were detected online.

This was a 49% jump from the 382 URLs detected in 2022.

“Of these, 51% were from Telegram, 27% from Facebook, 9% from Instagram and 13% from other sources such as websites, YouTube, and TikTok,” the SC said in its report.

The issuance of cease-and-desist notices, social media interventions, inclusion in the SC’s Investor Alert List, and the blocking of websites with assistance from the Malaysian Communication and Multimedia Commission (MCMC) were among the actions taken against such sites.

Other actions were requests to block Telegram, Facebook and Instagram accounts; referrals to other agencies or foreign regulators; and lodging police reports.

“The SC has and will continue to proactively disrupt the activities of scammers and operators of unlicensed activities,” it said.

In this regard, the SC includes the names of entities and individuals found to be carrying on scams or unlicensed activities on its Investor Alert List as soon as possible – in most cases within 48 hours of receiving a complaint, it added.

The regulator noted that while some unlicensed activities are carried out locally by Malaysians with a local presence, there are also foreign entities carrying out unlicensed activities in Malaysia.

To create greater awareness, the SC said it has released a “more robust, dynamic and mobile-friendly” Investor Alert List called the Investment Checker, which serves as a one-stop centre for the public to check and verify the legitimacy of entities and individuals.

It has also set up a Scam Meter page and does radio and television interviews on scams and unlicensed activities.

Recently, the Finance Ministry told Parliament that the SC had blocked nearly 200 social media sites and over 100 websites linked to illegal investment schemes, placing 184 entities on a watchlist and filing charges against some.

Offshore platforms were blocked with help from MCMC, while the SC advises public awareness on fraudulent tactics.

Promote steady improvement and growth in China-US relations through the right way forward

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China's Xi Jinping Congratulates US President-Elect Donald Trump, Calls for "Win-win Cooperation"

Chinese President Xi Jinping sent a congratulatory message to Donald J. Trump on his election as the next President of the US on Thursday. Xi noted that history tells us that both countries stand to gain from cooperation and lose from confrontation. A China-US relationship with stable, healthy and sustainable development serves the common interests of the two countries and meets the expectations of the international community. It is hoped that the two sides will, in the principles of mutual respect, peaceful coexistence and win-win cooperation, enhance dialogue and communication, properly manage differences, expand mutually beneficial cooperation, and find the right way for China and the US to get along with each other in the new era to the benefit of the two countries and the world.

We have noticed that President Xi's congratulatory message has received widespread attention and reports from international community. Phrases such as "China and the US must live in harmony in the new era," "Hopefully China and the US can find a way to get along" and "China and the US must live in harmony and manage differences" have become the themes of many media reports, fully reflecting the world's expectation for China-US relations. After the dust settled from the US elections, amidst the world's many concerns and worries regarding China-US relations, China's attitude undoubtedly provides valuable certainty and stability for both China-US relations and the world.

Where are China and the US headed? The Chinese side's answer to this question, including its attitude toward China-US relations, has been consistent. Although the situations of both countries and their relationship have undergone significant changes, China's commitment to the goal of a stable, healthy and sustainable China-US relationship remains unchanged; its principle in handling the relationship based on mutual respect, peaceful coexistence and win-win cooperation remains unchanged; its position of firmly safeguarding the country's sovereignty, security and development interests remains unchanged; and its efforts to carry forward the traditional friendship between the Chinese and American people remain unchanged. The four "unchanged" aspects reflect both strategic clarity and a sense of responsibility.

History and reality have repeatedly proven that China-US relations are not a zero-sum game in which one side loses and the other wins, or one rises and the other falls, because the two countries have enormous common interests. Forty-five years ago, it was the common interests that allowed China and the US to open the door of interaction that had been frozen for decades. By tapping into complementarity and drawing on each other's strengths, the two countries have significantly promoted the development of their respective economies and optimized and upgraded their industrial structures, while enhancing the efficiency and benefits of the global value chain. Today, China is one of the top three export markets for 32 US states, with more than 70,000 US companies investing and establishing businesses in China and 930,000 jobs in the US supported by exports to China alone. It can be seen that both China and the US have benefited from decades of generally stable bilateral relations, and it is in the two countries' mutual and fundamental interest to prevent conflict and confrontation and achieve peaceful coexistence.

China-US relations are not a multiple-choice question involving whether or not to do a good job, but a must-answer question on how to do a good job. Just as President Xi stressed, when China and the US work together, they can accomplish a great deal for the good of both countries and the world at large. There are many "cooperation common denominators" between China and the US. After the Chinese giant pandas Yaya and Lele arrived in the US, the number of visitors to the Memphis Zoo surged 46 percent. Last month, Baoli and Qingbao going to Washington caused quite a sensation; Tesla's win-win story of building a factory in Shanghai is still continuing; there is still ample room for cooperation between the two sides in trade, education, anti-drugs, justice, technology and other fields. In the face of a complex and intertwined international situation, the world looks to China and the US to lead international cooperation in addressing global issues. Countries around the world need to unite and collaborate, rather than divide and confront; the people of the world hope for openness and progress, rather than closure and regression.

China-US relations have weathered many storms over the past few decades, during which numerous pessimistic predictions have emerged. However, what people have actually seen is that whenever difficulties arise, it is cooperation - not confrontation - that resolves the issues. What pushes the relationship between the two countries as well as global peace and development to move forward is always win-win cooperation for mutual benefit rather than a zero-sum game. For China and the US, dialogue is better than confrontation, cooperation is better than decoupling, and stability is better than volatility. Regardless of changes in US domestic politics, this should be a shared consensus between both sides and a responsibility of these two major countries. China and the US must find the right way to coexist, as the fundamental lesson in the development of relations between the two countries is that we both stand to gain from cooperation and lose from confrontation.

The US side needs to recognize that China also has the right to develop. China's development is an opportunity for the US and the world, not a challenge. In fact, it has been proven that engaging in trade wars, industrial wars, and technological wars yields no winners. Attempting to solve problems through "decoupling" will only lead to opposite results. Forcing countries around the world to "choose sides" between China and the US has become an increasingly unpopular "multiple-choice question" for many nations. The US, in particular, should not tread on China's red lines regarding issues of sovereignty, security, and development interests.

The China-US relationship is the most important bilateral relationship in the world. How China and the US interact will determine the future and destiny of humanity. We hope that the US side will meet the Chinese side halfway to find the right way for two different civilizations, systems, and paths to coexist peacefully and develop together on this planet, promoting stability in China-US relations and striving for improvement and progress on this basis.

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As Trump declares victory, China handles US ties based on mutual respect, peaceful coexistence, win-win cooperation, FM says

As Trump declares victory, China handles US ties based on mutual respect, peaceful coexistence, win-win cooperation, FM says

Republican presidential candidate Donald Trump gestures to audience with his family and running mate at his election night party on November 6, 2024. Photo: VCG

Full speech: Donald Trump declares victory in 2024 presidential election

 

China's policy toward the US is consistent, and it will continue to handle China-US relations based on the principles of mutual respect, peaceful coexistence, and win-win cooperation, Chinese Foreign Ministry spokesperson Mao Ning said in response to the potential impact of the US presidential election result on bilateral relations.

In response to another question related to the election result and potential additional US tariffs on Chinese goods, Mao said the US presidential election is an internal affair of the US. We respect the choice of the American people. As for the tariffs, we do not answer hypothetical question.  

Republican candidate Donald Trump has declared victory early Wednesday in the 2024 US presidential election, according to Xinhua. 

Trump told the audience at his election night party early on Wednesday that it was "time to unite" as a country, the Associated Press (AP) reported.

"It's time to put the divisions of the past four years behind us," Trump said. "It's time to unite."

As of press time, Donald Trump has 267 of the 270 electoral votes needed to win the White House and is leading in key races left to be called, including Michigan and Wisconsin, according to the AP.

First of all, whoever enters the White House in next four years needs to bear in mind that China and the US are the major powers and top two economies in the world, so they have significant roles to play and responsibilities to shoulder, Jin Canrong, associate dean of the School of International Studies at the Renmin University of China, told the Global Times on Wednesday.  

If the new president can learn lessons from his previous term to better manage the China-US relations and maintain cooperation and seek more common ground to avoid a zero-sum game and more confrontation, that would not only be good news to the peoples of China and the US, but also the rest of the world, Jin noted.

When asked if Trump wins, will the Chinese side send him a congratulatory message, Mao said that after the US election results are officially announced, we will handle related matters according to usual practice.

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Curb appeal can enhance a home’s value

15% increase in a home’s value if it is wellmaintained and landscaped ■ 88% faster sales when a home is staged for prospective buyers ■ 8 seconds for the buyer to decide whether they want to view the interior

First impressions matter and this could not be more true when it comes to viewing a home with a prospective buyer.

in the fast-paced Malaysian real estate market, properties are constantly competing for attention, often relying on their curb appeal to stand out.

Curb appeal is frequently overlooked but it can significantly influence a property’s market value and the speed at which it sells. Homes with strong curb appeal typically spend less time on the market.

When a potential buyer first sees a property in person – rather than through an airbrushed photo online – their reaction can go one of three ways: they may be impressed, left scratching their head or even horrified.

this initial, often subconscious, impression will heavily influence their decision to explore the interior or move on to the next listing.

studies show that buyers often make snap judgments about a property within seconds of viewing it. A home’s value can increase by up to 15% if it is well-maintained and landscaped.

A welcoming facade can instantly capture attention and create a positive first impression.

Conversely, an unkempt or neglected exterior can deter potential buyers and negatively affect the property’s perceived value.

What is Malaysia’s unique curb appeal?

Malaysia’s curb appeal is uniquely influenced by its rich cultural heritage and tropical climate. traditional Malay homes, adorned with intricately carved wooden details and vibrant colours, offer a charm that captures the essence of the region.

Chinese and indian architectural styles also contribute to this aesthetic diversity, creating a harmonious blend of influences.

in recent years, sleek, modern minimalist designs have gained popularity, often integrating natural elements and emphasising sustainability, reflecting a growing appreciation for both elegance and environmental consciousness.

regardless of the architectural style, maintaining an inviting exterior is essential in Malaysian culture. Lush greenery, clean lines and a sense of organised beauty are highly valued.

imagine a manicured lawn bordered by vibrant flower beds, with neatly trimmed hedges framing the property – this greatly enhances a home’s overall curb appeal.

Investing in exterior pays off

Landscaping is a crucial element of curb appeal. A well-maintained lawn serves as the foundation, providing a backdrop for colourful flowers, eye-catching shrubs and majestic trees that add both colour and texture to the landscape.

Mulching garden beds not only nourishes the soil but also creates a polished, tidy appearance, giving the home a well-cared-for look.

the choice of exterior paint is another important factor in a home’s aesthetic appeal.

selecting colours that complement the architectural style and blend with the neighbourhood can create a cohesive look.

timeless neutral tones like soft white, warm beige and muted grey evoke a sense of elegance and calm.

A fresh coat of paint, especially when details like window frames and doors are refreshed, can breathe new life into a home’s exterior.

Driveways and walkways, often overlooked, can also dramatically affect curb appeal.

An uneven or cracked driveway is an eyesore but resurfacing or repainting these areas can restore their charm.

regular cleaning and removing debris ensure a pristine appearance, while power washing can remove dirt and grime, bringing surfaces back to their original condition.

the front door is the focal point of a home’s exterior.

Choosing a bold colour or unique architectural design can make a striking first impression.

Upgrading the hardware or adding stylish lighting fixtures can further enhance the door’s appeal, drawing the eye and inviting curiosity.

Lighting is another critical component of curb appeal.

thoughtfully placed outdoor lighting can highlight the home’s best features, even after dark. illuminating walkways, gardens and the front door not only improves safety but also creates a warm, welcoming atmosphere.

Finally, decluttering and organising exterior spaces is essential.

removing clutter from the front porch, driveway and garden fosters a clean and inviting environment that will impress potential buyers.

A well-maintained exterior reflects the care and attention given to the home, making it a truly appealing space.

Different property types, different jobs

For many Malaysians who live in condominiums, professional landscaping is typically managed by the property management in the common areas.

the landscaping needs of each condominium differ and professional landscapers provide unique solutions based on the property’s requirements.

Whether it’s planting pathways and installing lighting for safety, designing play areas for children, or creating relaxing spaces with shaded seating areas, their expertise ensures that the outdoor spaces meet the residents’ practical needs while also looking beautiful.

A home’s curb appeal is a powerful tool that can significantly impact its market value and the speed of its sale.

By investing time and effort into landscaping, exterior paint, driveway and walkway maintenance, front door enhancements, lighting and decluttering, homeowners can create a lasting first impression that draws potential buyers.

in the diverse and vibrant landscape of Malaysian real estate, curb appeal is a key factor that differentiates properties and attracts discerning buyers.

By understanding the cultural nuances and architectural styles that define Malaysian homes, homeowners can enhance their property’s aesthetic appeal and create a welcoming environment.

Embracing the power of landscaping, exterior upgrades and thoughtful design ensures that a property stands out in the competitive real estate market.

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US Election Day voting begins amid fears of violence, unrest.

Managing your digital estate, Digital estate planning

 

How to safeguard online accounts, data in death

MOST PEOPLE have accumulated a pile of data – selfies, emails, videos and more – on their social media and digital accounts over their lifetimes. What happens to it when we die?

It’s wise to draft a will spelling out who inherits your physical assets after you’re gone, but don’t forget to take care of your digital estate too. Friends and family might treasure files and posts you’ve left behind, but they could get lost in digital purgatory after you pass away, unless you take some simple steps.

Here’s how you can prepare your digital life for your survivors:

APPLE

The iPhone maker lets you nominate a “legacy contact” who can access your Apple account’s data after you die. The company says it’s a secure way to give trusted people access to photos, files and messages. To set it up, you’ll need an Apple device with a fairly recent operating system – iPhones and iPads need iOS or iPadOS 15.2 and MacBooks needs macOS Monterey 12.1.

For iPhones, go to settings, tap Sign-in & Security and then Legacy Contact. You can name one or more people, and they don’t need an Apple ID or device.

You’ll have to share an access key with your contact. It can be a digital version sent electronically, or you can print a copy or save it as a screenshot or PDF.

Take note that there are some types of files you won’t be able to pass on – including digital rights-protected music, movies and passwords stored in Apple’s password manager. Legacy contacts can only access a deceased user’s account for three years before Apple deletes the account.

GOOGLE

Google takes a different approach with its Inactive Account Manager, which allows you to share your data with someone if it notices that you’ve stopped using your account.

When setting it up, you need to decide how long Google should wait – from three to 18 months – before considering your account inactive. Once that time is up, Google can notify up to 10 people.

You can write a message informing them you’ve stopped using the account, and, optionally, include a link to download your data. You can choose what types of data they can access – including emails, photos, calendar entries and YouTube videos.

There’s also an option to automatically delete your account after three months of inactivity, so your contacts will have to download any data before that deadline.

FACEBOOK AND INSTAGRAM

Some social media platforms can preserve accounts for people who have died so that friends and family can honour their memories.

When users of Facebook or Instagram die, parent company Meta says it can memorialise the account if it gets a “valid request” from a friend or family member. Requests can be submitted through an online form.

The social media company strongly recommends Facebook users add a legacy contact to look after their memorial accounts. Legacy contacts can do things like respond to new friend requests and update pinned posts, but they can’t read private messages or remove or alter previous posts. You can only choose one person, who also has to have a Facebook account.

You can also ask Facebook or Instagram to delete a deceased user’s account if you’re a close family member or an executor. You’ll need to send in documents like a death certificate.

TIKTOK

The video-sharing platform says that, if a user has died, people can submit a request to memorialise the account through the settings menu. Go to the Report a Problem section, then Account and profile, then Manage account, where you can report a deceased user.

Once an account has been memorialised, it will be labelled ‘Remembering’. No one will be able to log into the account, which prevents anyone from editing the profile or using the account to post new content or send messages.

X

It’s not possible to nominate a legacy contact on Elon Musk’s social media site. But family members or an authorised person can submit a request to deactivate a deceased user’s account.

PASSWORDS

Besides the major online services, you’ll probably have dozens, if not hundreds, of other digital accounts that your survivors might need to access. You could just write all your login credentials down in a notebook and put it somewhere safe. But making a physical copy presents its own vulnerabilities. What if you lose track of it? What if someone finds it?

Instead, consider a password manager that has an emergency access feature. Password managers are digital vaults that you can use to store all your credentials. Some, such as Keeper, Bitwarden and NordPass, allow users to nominate one or more trusted contacts who can access their keys in case of an emergency such as a death.

But there are a few catches: Those contacts also need to use the same password manager and you might have to pay for the service.

Related:

Digital Estate Planning: Protecting Your Digital Assets