Malaysian Retiree Loses RM 525,000 in Facebook Crypto Scam Amid Rising Fraud Cases

A 71-year-old Malaysian retiree lost RM 525,000 in retirement savings after falling victim to a fraudulent Facebook ad promising unrealistic crypto returns. Kuala Terengganu police confirmed the scam, noting criminals are increasingly using AI voice cloning and deepfake technology to impersonate officials.

Malaysian authorities have escalated warnings about crypto frauds targeting elderly citizens. Scammers often pose as police, regulators, or bank representatives to build trust before pressuring victims into transferring funds. This case follows earlier alerts from law enforcement about surging crypto-related crimes in the country.

Despite these challenges, Malaysia recently recognized cryptocurrency as Shariah-compliant after prolonged negotiations with major exchanges. The regulatory move comes as global security forces implement stricter controls to combat crypto misuse amid escalating scam volumes worldwide.