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No News Is Bad News
Malaysian police list of 94 scammers?
KUALA LUMPUR, Nov 20, 2024: Malaysians lost an estimated US$12.8 billion (RM53.34 billion) to scams over the past year, representing about 3% of the country's gross domestic product, according to the State of Scam Report 2024 as reported by TheEdge business weekly.
And according to the Global State Of Scams Report 2024, scammers stole more than US$1 trillion (RM4.47 trillion) online.
No News Is Bad News is reproducing below a social media posting that is in circulation warning the public of scammers/fraudsters.
It is purported to be the police’s latest list of fraudsters but it has not been verified.
The Polis di-Raja Malaysia should be more proactive and make public and access to the information, if authentic.
Wonder why the police is not doing it with the thousands of victims losing RM53.34 billion to date this year.
This is what is being circulated in social media:
*Police's latest list of fraudsters. Beware!*
*List of identified investment fraud schemes.*
1. Crude Palm Oil
2. Highway Group Resources
3. Mecca Islamic Hotel
4. Federal Reserve Chicago Bond
5. RJB Empire Group
6. Venus Fx
7. Snuppee Mall
8. Ceroreng Mindef
9. Share a Meal
10. Bit Coin - Bit Kingdom
11. INTERNATIONAL GREETINGS
12. Bit Coin - Al Mubin Agarwood
13. BDIG Digital Cryptocurrency
14. Exorbitence Influence Sdn. Bhd. (Krubal)
15. XM investment
16. Royal Gold Gold Investment
17. Dato Dave (Aero Asia Holding Company)
18. FXTM investment
19. MFace / MBI
20. Zahid Hamidi Group
21. Stock - Century Dynasty
22. Forex Investment - MGCFX
23. Sunner Group Investments
24. E-Trade Investments
25. Focus Capital
26. DBI/Juta Kelulut Housing Scheme
27. Capacity FX Investment Malaysia
28. TORQUE MARKET
29. BITMEX INVESTMENT LIMITED
30. FIRST TRADE
31. NPM Platform
32. U Trade
33. BitFinex
34. Crypto Investment
35. Aura Global Trading
36. BitCoin Trade
37. i-Rakyat Trade
38. LONDON Capital Investment
39. FXPRO
40. WAHED Investment
41. ETrade
42. Octafx
43. Etoro
44. IQ option
45. XTRADE Investment
46. DIANA Group
47. JJPTR
48. Royal Investment Sdn Bhd
49. Avatrade
50. Fbs
51. MITRADES
52. CITY INDEX
53. The Vanguard
54. Golden Trading
55. FIQH GLOBAL INVESTMENT CO.
56. ETX CAPITAL INVESTMENT
57. AL MAL INVESTMENT
58. PMB Investment
59. International Islamic Financial market
60. EO Trade Trading
61. Islamic Khalij
62. Aviva Takaful Investment Bhd
63. Ar-Rahman General Trading sdn bhd
64. Gold capital General trading
65. Bittrex
66. Gold Hub
67. Moon FX
68. Al-Saliha Mentari
69. Medina mining
70. Aberdeen
71. ACJ capital
72. Global Bit Investment
73. Khairul Capital
74. Arbah Capital
75. Coinmint
76. Triumph Fx
77. Iskandar Investment
78. Mustafa Investment
79. Hairul Capital
80. Islamic Najwan
81. Royal Wine Trade
82. Islamic Al-Hamd
83. IFAST CAPITAL SDN BHD
84. Forbes Capital Trading
85. Invest Selangor
86. Dinar Edaran Emas Trading
87. Asiabio Capital
88. 1ONE GOLD SDN BHD
89. ASIA TRADE
90. Sifuku Millennium
91. Al Kabir investment
92. Zero traders
93. Al Hijrah
94. Al Ansari Exchange.
*DEAR FRIENDS PLEASE VIRAL*
*hopefully we can save our friends' MONEY!*
No News Is Bad News reproduces below news reports on domestic and international losses to scammers:
Malaysians lost US$12.8b to scams over the past year, survey reveals
By Emir Zainul / theedgemalaysia.com
03 Oct 2024, 07:43 pm
KUALA LUMPUR (Oct 3): Malaysians lost an estimated US$12.8 billion (RM53.34 billion) to scams over the past year, representing about 3% of the country's gross domestic product, according to the State of Scam Report 2024.
The average loss per victim was US$2,726 (RM11,360.10), with only 2% managing to fully recover their funds compared to 8% in the previous year, said the report, which is based on a survey conducted by the Global Anti-Scam Alliance (GASA) in collaboration with mobile app Whoscall and website checker ScamAdviser.
The survey found that 74% of respondents encountered scams at least once a month, with 43% noting an increase in scam attempts over the past year. Common delivery methods include phone calls, instant messaging apps, and social media platforms such as WhatsApp, Telegram, and Facebook, where scammers have become increasingly active.
Notably, text and SMS scams have surged by 8% compared to 2023.
As such, app development company Gogolook, which is a founding member of GASA, stressed the importance of proactive fraud prevention by utilising anti-fraud applications such as Whoscall to reduce the risk of falling victim to scams.
"Whoscall is actively collaborating with the local government such as the Royal Malaysian Police (PDRM) and CyberSecurity Malaysia to strengthen efforts in tackling scammers and enhancing public protection," Gogolook chief operating officer Manwoo Joo said in a statement on Thursday.
"We are continuously exploring advancements in technology, including AI-driven features, to stay ahead of evolving scam tactics. Our goal is to leverage cutting-edge solutions to provide Malaysians with the tools they need to identify and stop scams before they cause harm," he added.
Joo noted that Whoscall is the only anti-scam app approved by PDRM and was recently appointed by CyberSecurity Malaysia and Pos Malaysia Bhd (KL:POS) as their anti-scam strategic partner.
The report surveyed 1,202 Malaysians. From those surveyed, 32% of the respondents have experienced loss of money from scams.
Alarmingly, 70% of scam victims did not report their cases to the authorities, a 5% increase from the previous year, highlighting growing scepticism regarding the effectiveness of reporting processes.
The report also highlighted that investment scams, at 23%, are the most common type of scams in Malaysia, with identity theft closely following at 21%. Shopping scams came in a close third at 20%.
In light of the findings, Gogolook called for enhanced public education on recognising and reporting scams, improved transparency in reporting processes, and stronger law enforcement responses.
"The need for comprehensive strategies involving technology and community engagement has never been more critical as Malaysia grapples with this pervasive issue," Joo said. - TheEdge
Sam Rogers
Nov 7
International Scammers Steal Over $1 Trillion in 12 Months in Global State of Scams Report 2024
Global Anti-Scam Alliance and Feedzai Unveil 2024 Global State of Scams Report as Scams Continue to Plague Consumers
The Global Anti-Scam Alliance (GASA), in collaboration with Feedzai, has released its 2024 Global State of Scams report, uncovering staggering insights into the prevalence and impact of scams worldwide. Based on responses from 58,329 individuals across diverse regions, the report reveals the monumental economic and emotional toll scams take on consumers. The most eye-opening finding? Scammers have siphoned away over $1.03 trillion globally in just the past year—a figure that rivals the GDP of some nations. Yet amid the numbers, the report offers hope, with signs of increased scam awareness and resistance among consumers.
Scams on the Rise Across the Globe Exposing Regional Disparities
Despite relentless efforts to combat scam activity through awareness campaigns, scams remain a significant and growing threat, with nearly half of global consumers experiencing a scam attempt at least once a week. Certain regions are impacted more heavily, with countries like Brazil, Hong Kong, and South Korea facing near-daily scam exposure. Conversely, nations such as Vietnam, Saudi Arabia, and China reported a noticeable drop in scam encounters, suggesting progress in local preventive efforts.
Jorij Abraham, Managing Director of GASA, commented on these trends: "Very little has changed in the last 12 months, as the world’s consumers bear the weight of another $1.03 trillion stolen by scammers. We must do more to combat these crimes, as they continue to erode trust in our systems and cause immense harm to individuals and economies."
Global Confidence in Scam Detection Shows Promise
The report found that 67% of people globally feel confident in their ability to detect scams, reflecting the success of some awareness campaigns, however this could unveil complacency on the rise, too. Countries with high scam-detection confidence include China (84%) and Australia (72%), while Japan lags behind, highlighting the need for targeted educational efforts in certain regions.
Nuno Sebastião, Co-Founder, Chairman, and CEO of Feedzai, highlighted the role of financial institutions and technology in increasing consumer confidence: "Consumers are becoming smarter at catching scams themselves. This year, 67% of respondents expressed confidence they could spot a scam. This strong display of confidence is a testament to banks’ and others’ efforts to educate consumers on the red flags to watch for that could be a scam."
Financial Losses Mark Clear Division Between Developed vs. Developing Nations
The financial toll of scams is staggering, with the U.S., Denmark, and Switzerland reporting the highest losses per victim, with Americans averaging a $3,520 loss. Meanwhile, in developing countries like Pakistan, scams have a far greater impact, equivalent to 4.2% of the country’s GDP. Kenya and South Africa also reported heavy GDP impacts at 3.6% and 3.4%, respectively. The financial strain scams impose on both individuals and national economies underscores the urgent need for better safeguards and international cooperation.
AI and Social Media Driving New Scams
The rise of artificial intelligence (AI) in scam tactics is a growing concern, though awareness varies globally. In countries such as Japan, Thailand, and Malaysia, citizens remain largely unaware of the role AI may play in scam operations. Globally, 31% of respondents were uncertain if AI was involved in the scams they encountered, reflecting the evolving complexity of fraudulent activities.
Scammers continue to exploit popular platforms and channels. Phone calls and text messages remain the primary methods of initial contact, with WhatsApp, Instagram, and Gmail also frequently used. In the Philippines, South Korea, and Brazil, SMS scams are particularly prevalent, while WhatsApp scams are rising in various regions.
Emotional Impact: The Untold Cost of Scams
Beyond financial losses, scams inflict severe emotional distress on victims. Feelings of vulnerability, fear, and loss of trust are common, with Kenya, the Philippines, and South Africa reporting the highest emotional tolls. Meanwhile, Japan and South Korea show lower emotional impact, possibly reflecting cultural differences in scam reporting and victimization perceptions. The emotional burden of scams is a crucial reminder that fraud prevention goes beyond financial metrics; it’s also about protecting individuals’ mental well-being.
Why Some Regions Are More Affected than Others
The report sheds light on why certain regions report higher scam rates and losses. Shopping scams dominate in Kenya and Nigeria, while investment scams are rampant in Nigeria. In contrast, South Korea and Vietnam report the lowest levels of online shopping scams. Identity theft remains a significant concern in Australia and Mexico, with both countries showing a 25% victimization rate.
Only 4% of Victims Recover Their Losses
Perhaps the most concerning insight from the 2024 report is the dismal rate of financial recovery. Only 4% of scam victims worldwide were able to recover their losses. The U.S. and U.K. have the highest recovery rates, yet these remain low globally, leaving the majority of scam victims without recourse. This data highlights the urgent need for improved consumer protection mechanisms and more effective financial recovery processes.
Nuno Sebastião of Feedzai emphasized the role of banks and payment providers in the final stage of the scam lifecycle: "Banks and payment providers are at the final stage of the scam lifecycle, where illicit attempts to extract money either succeed or fail. Significant differences exist across countries, including how regulators approach scam prevention, which complicates global efforts."
Collaboration and Innovation Needed to Improve the Global State of Scams
The joint report by GASA and Feedzai underscores the importance of global cooperation, enhanced public awareness, and stronger financial recovery processes. With scams growing more sophisticated, banks and financial institutions are investing in advanced AI and machine learning tools to detect unusual activity and protect consumers in real time.
However, Nuno Sebastião warns that technology alone isn’t enough: "Protecting customers goes beyond technology—it’s about fostering industry-wide collaboration and ensuring data privacy. Together with GASA and our partners, we’re driving continuous innovation to stay ahead of evolving scam tactics, ensuring a safer financial ecosystem for everyone."
GASA and Feedzai urge financial institutions, social media platforms, and telecom providers to work together to safeguard consumers. The report highlights the need for standardized definitions and measurements of scams globally. Currently, regional differences in scam classification hinder collaboration, making cross-border comparisons and joint preventive measures challenging.
Jorij Abraham emphasizes the importance of GASA’s role in facilitating this global collaboration: "A global organization such as GASA plays a crucial role in unifying scam prevention efforts. Increasing the amount of shared, secure data across industries is essential to improving scam controls and protecting consumers worldwide."
The Double-Edged Sword of Generative AI
The report also raises concerns over Generative AI, which is becoming a potent tool for fraudsters. With AI able to generate realistic images, scripts, videos, and voices in seconds, scammers can deceive more victims more effectively. While AI’s ability to reproduce and scale tactics is a threat, its replication patterns also present opportunities for detection. Banks and tech companies can harness this vulnerability, using pattern recognition to identify and intercept AI-generated fraud schemes before they succeed.
The Road Long Ahead to Vastly Improve the Global State of Scams
The 2024 Global State of Scams report is clear: scams are costing consumers over $1 trillion globally, with dire financial, emotional, and social repercussions. While confidence in scam detection has improved, many consumers remain vulnerable, and only a small fraction recover their losses.
GASA and Feedzai are committed to driving a safer digital landscape through continuous collaboration and innovation. By uniting financial institutions, tech giants, telecom providers, and regulatory bodies, GASA aims to foster a world where scam tactics can no longer exploit innocent consumers. The journey to a scam-free future requires resilience, global cooperation, and an unwavering commitment to protecting the vulnerable.
For more information and to access the full Global State of Scams 2024 report, visit GASA's Research Page. For now, here are some key figures...
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