Top Platforms for Investment Scams: Telegram, Facebook, and WhatsApp
Picture Credits: North Endinburgh News
By Pavethran Batmanathen
The top three social media platforms used by investment scam syndicates are Telegram, Facebook, and WhatsApp, according to the police. Telegram leads in the number of cases with 1,455 incidents reported between January 1 and September 22. However, when it comes to the total financial losses from these scams, WhatsApp ranked highest with RM175.5 million, followed by Facebook at RM159.5 million, and Telegram at RM32 million.
Bukit Aman Commercial Crime Investigation Department (CCID) director, Comm Datuk Seri Ramli Mohamed Yoosuf, revealed that a total of 4,205 investment scams have been recorded so far in 2024, leading to losses amounting to RM526.97 million. He mentioned that Telegram is just one of the 17 main platforms that scammers frequently use. Of these cases, Telegram accounted for 34.6% of the total scams, followed by Facebook with 1,035 cases, and WhatsApp with 958.
Other platforms used by scammers include Instagram with 105 cases, websites with 93 cases, and a smaller number of cases spread across dating sites (26), Line (12), WeChat (11), and phone calls (31).
Comm Ramli also cautioned the public to remain vigilant when using these platforms, especially with the rise in misleading content. He explained that directors of mule companies, who help facilitate scam operations, are often people in financial hardship or job seekers. These individuals are typically recruited through social media and instructed to open multiple accounts under newly formed companies, which they later hand over to the scammers in exchange for commissions or incentives.
He advised job seekers to be wary of offers that seem too good to be true, especially those involving positions as company directors, as these often lead to becoming mule account holders, a serious criminal offense. Comm Ramli urged the public to remain skeptical and cautious before accepting any suspicious job offers.
Regarding commercial crime overall, the year has seen RM1.78 billion in losses so far, with 21,441 cases reported between January 1 and September 22. While the number of cases has decreased by 11% compared to the same period last year, the financial losses have increased by 24%, up from RM1.4 billion in 2023. Police have prosecuted 10,198 investigation papers, which is about 48% of the total cases, slightly higher than last year’s 43%. Comm Ramli assured that the police will continue to strengthen their efforts in combating commercial crimes and emphasized the importance of the public’s role in sharing crime prevention messages.
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