SCAMS | How to spot it and how to deal with it in Malaysia ?

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Today 16th Jan 2018

A lot of people lost a lot of money as Bitconnect.co was taken offline for hours and then bitconnect made an announcement saying they had to close down their services mainly due to :-

• Legal issues ( govt asked them to shut down )
• DDoS attacks

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Having invested a small tiny amount of money in this well known ponzi scheme ( for the sake of research ) , I literally made back whatever I invested within weeks. So there was no real lost for me as I was just rolling with the profits generated. However there were others who continued pumping their hard earned FIAT into it and lost a whole lot of $$$.

Got this screen shot shared in discord

This guy apparently has lost $500k and that was from funds which he took loans from and then because of that lost, he was thinking of taking another 5 mil just to cover up the lost.

This in my honest opinion is plain stupidity and is literally gambling !

Hope that none of you would ever fall into this financial trap as it would just not end up good.

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SCAMs everywhere

There is a sucker born every minute

Its being said that Malaysia is one of the biggest adoption of "Money Game" schemes and its sad but true we as Malaysians has become very sceptical on any "investments" which sounds too good to be true.

Could you imagine the stares and rejection which I got when I first started talking about STEEMIT ? I'm sure that I'm not alone on this as the concept of making $$$ from just writing is just too good to be true.

Anyhow, since you are reading this article here on Steemit / Busy / eSteem ... you are one audience which I do not require to convince that Steemit is real ! Its not always about the money which motivates us, however its the platform and the community which we involve ourselves in on this platform.

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How to report a scam in Malaysia

Back to the topic ... since there is so many scams that we see in Malaysia . How do we actually report a scam ?

If you have been a victim of financial schemes and need advise or report. You need to report it to Bank Negara Malaysia.

BNMTELELINK (Call Centre)
Tel.: 1-300-88-5465 (1-300-88-LINK)
Fax: 03-2174 1515
You could also SMS to 15888 : BNM TANYA [your report / query]
Or email directly to [email protected]

You could also walk in to

BNMLINK
Ground Floor, D Block,
Bank Negara Malaysia,
Jalan Dato' Onn
50480 Kuala Lumpur
Operating Hours: 9.00 a.m. - 5.00 p.m. (Monday - Friday)

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What if I want to report about scams online ?

You would require proof of conversation with the owner of the online site prior to lodging any complains. Remember speculative accusations will usually be ignored. Once you got proof you can then file a complain directly to Malaysian Communications And Multimedia Commission (MCMC)’s Consumer Complaints Bureau

http://aduan.skmm.gov.my/

MCMC will acknowledge receipt of your complaint with reference number within 3 days of receiving the complaint (verification of complaints through MCMC Consumer Complaints Bureau portal will be done in 1 day). You will receive answers pertaining to the result of MCMC's investigation within 15 days from the date of complaint received.

What can I complain about ?

From websites content to even your internet is not up to what is promised by the telco's in Malaysia ( yes i have personally made this complain before and action was taken )

Since MCMC is not the only agency that can investigate your complains, you can also complain to relevant authorities like PDRM, KPDNKK, BNM and other related enforcement agencies. Due to laws restricting it to Malaysian laws, our complains on International Websites may be hard as it does not falls in the laws of Malaysia.

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How to spot a scam ?

These are just ways which I look at and I'm no expert in it but after having tried out a few ( again for research purpose ) here are my top signs that raises red flags of being a scam.

• You need to invest upfront with promises of really high returns .
• There is always an affiliate fee
• There is no real description on what the actual product is except they have some amazing money generating system
• All the Team Members does not have actual profiles ( there is no link to their social media accounts )

Summary

Do make sure that you do your due diligence before making any investments especially if meants taking your fiat currency to use as an investment. There are a lot of schemes out there just trying to take away your money.