By DayakDaily Team
KUCHING, Nov 26: A high number of investment fraud cases have been recorded stemming from the social media platform TikTok in Malaysia, with such cases surging over 90 per cent between 2021 and October this year, resulting in total losses of RM6.39 million in 2024 alone.
In a report by TVS, Bukit Aman Commercial Crime Investigation Department (CCID) director Datuk Seri Ramli Mohamed Yoosuf revealed that 131 cases were reported from January to October this year, compared to 59 cases in 2023, 27 in 2022, and 13 in 2021.
“As for the financial losses, the amounts have steadily increased, from RM400,000 in 2021 to RM1.28 million in 2022, and RM7.25 million in 2023,” he said at a press conference in Kuala Lumpur today.
He further explained that of the 131 cases, 66 victims were women, while the remaining were men. The majority of victims were between 31 and 40 years old (23 per cent), followed by those aged 21 to 30 years (21.4 per cent) and 41 to 50 years (17.5 per cent).
“In terms of occupation, private sector workers represented the largest group of victims, accounting for 54.2 per cent, followed by the unemployed (16.8 per cent), retirees (9.9 per cent), public servants (7.6% per cent), traders (6.9 per cent), and students (4.6 per cent),” he said.
Ramli noted that the growing popularity of TikTok and the rapid rise of social media use in Malaysia have contributed to the surge in fraud cases.
Citing data from meltwater.com, he said that by January of this year, there were 28.68 million social media users, representing 83.1 per cent of Malaysia’s total population of 34.5 million.
“This explains why social media has become the preferred platform for fraud syndicates to find victims. In addition to its wide user reach, social media allows criminals to hide their identities.
“The advancement of technology, including artificial intelligence (AI), enables syndicates to create fake advertisements using images and videos of well-known individuals to deceive victims,” he continued.
Despite repeated warnings from authorities about the risks of investment schemes advertised on social media, Ramli said many users still fall victim to such scams.
He urged the public not to trust any investment advertisements on social media without proper verification. — DayakDaily
