Kuala Lumpur (VNA)ꦦ - Malaysian authorities have warned citizens, particularly senior citizens, against hastily investing in cryptocurrency amid a surge in investment fraud cases.

According to Bukit Aman Commercial Crime Investigation Department (CCID) Director Datuk Seri Ramli Mohamed Yoosuf, cryptocurrency scams have become a major commercial crime trend, often luring professionals and retirees with promises of high returns. Some use their life savings or even take out loans to invest, Ramli said, adding that some believe that since a single cryptocurrency coin can be worth 400,000 IDR (90,000 USD), buying three or four will yield significant profits. "In reality, no investment is made, it’s purely a scam. Yet, people continue to fall for it,” he said. He noted that phone scams are the second most prevalent commercial crime, with senior citizens being frequent targets. Victims not only suffer financial losses but also face severe mental distress. The rise in commercial crime is largely driven by rapid technological advancements, he added. Such crimes are more prevalent in densely populated states like Selangor, Kuala Lumpur, and Penang, with many syndicates operating from rented or purchased luxury condominiums. In 2023, the CCID conducted 23,000 arrests targeting criminal syndicates. Authorities continue to urge the public to exercise caution and verify investment opportunities to avoid falling victim to fraud./.