KUALA LUMPUR: Over 80 per cent of the 4,355 investment scam cases reported this year were linked to advertisements on social media platforms and messaging applications.
Federal Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf said 3,574 investment scam cases originated from advertisements via these platforms.
"Based on our checks the top three platforms used to advertise investment scam cases are Telegram (1,506 cases), Facebook (1,068 cases), and WhatsApp with 1,000 cases.
"Based on losses however, WhatsApp led the charts with RM185.2million in losses followed by Facebook (RM164.1million) and Telegram (RM33.8million)," he said when contacted on Friday.
He explained that the syndicates also advertised via Instagram, Google, WeChat, websites, phone calls, as well as personal interactions.
"Over half a billion ringgit has been lost to these scams and the year is not over yet.
"Our records showed that victims lost RM548.1million between Jan and Sept this year," he said.
Ramli said almost every investment scheme being advertised online should be considered a scam.
"This includes offers of Initial Public Offering (IPO) shares.
"Scammers will try anything to lure victims into making big investments with the promise of even bigger returns," he said, adding that IPOs must be registered with the Securities Commission (SC).
Ramli said scammers often exploit their victims by using greed and fear.
"It's disappointing to see that despite extensive media coverage, people are still falling victim to these schemes.
"Even worse is when individuals question our advice and insist that their investments are legitimate," he added, noting that they have consistently warned that investment offers made on social media are scams.