Love Scam

Love scams are often combined with investment scams. These scams typically begin on social media or dating platforms. Scammers will create fake profiles to lure victims into romantic relationships. Once trust is established, the scammer introduces the idea of a lucrative investment opportunity.

How Do love scams Operate?

Scammers will befriend the victim through social media or dating sites.
After luring the victim into a romantic relationship, the scammers will convince the victims to invest in a non-existent investment scheme.
The victim will be asked to deposit money into mule bank accounts.
Eventually, the victim will realize that he/she is a victim of a scam.

Example of Love Scams

Siti, 32, met Daniel on Facebook. Daniel charmed Siti with sweet words and promises of a future together. He persuaded Siti to invest RM1,000 into a cryptocurrency platform, saying that once it turned a profit, they could fund their dream wedding. However, to withdraw the money, Siti was asked to pay various charges such as “processing fees” and “tax clearance”. Eventually, Daniel was uncontactable. Siti lost RM20,000 to the scam.

5 steps to avoid love Scams:

Be cautious of investments offered via social media platforms.
Never deposit money into the bank accounts of individuals or unrelated entities.
Only deal with authorized companies or individuals and make payments to their official bank accounts.
Verify an individual or entity is authorized through SC’s “Investment Checker” at https://www.sc.com.my/investment-checker.
If in doubt, check with the SC via email [email protected] or call at 03-6204 8999