KUALA LUMPUR: Investment scams advertised on TikTok have increased by 90 per cent since 2021 involving RM15 million in losses.
Federal Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf said their records have shown that investment scams on TikTok have grown steadily since 2021.
"We recorded 13 cases in 2021 followed by 27 cases in 2022, 59 cases in 2023 as well as 131 cases between Jan and Oct this year.
"As for losses, we recorded RM410,000 in 2021 followed by RM1.28 million in 2022 and RM7.25 million last year," he said, adding that they have already recorded RM6.39 million in losses so far this year.
Ramli said 66 women and 65 men were duped by these scams so far this year.
"The 31-40 age group comprise the highest number of victims (23 per cent), followed by those aged 21-30 (21.4 per cent), 41-50 (17.5 per cent), 51-60 (15.9 per cent), 61-70 (15.1 per cent), and 11-20 (7.1per cent).
"54 per cent of the total number of victims were from the private sector while 9.9 per cent were retirees followed by civil servants (7.6 per cent) and students (4.6 per cent)," he said.
Ramli said the reason they were sharing this data was to remind the public that syndicates were taking to social media to dupe victims.
"Please remember that almost every investment scheme offered on social media platforms are scams.
"Be a smart and prudent social media user and take extra caution to ensure that you don't become a victim.
"You can refer to the Securities Commission (SC) on the authenticity of an investment scheme," he said.