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Scam Alert: Old coin scammers

Victims targeted through social media

Scamming activities are not new, but unscrupulous people will always come up with new methods to scam. These scams will find its way to victims who are unaware they are being scammed because it is masked with too good to be true offers.

Old coin scammers have made their way into Malaysia’s society, targeting people via social media. In October last year, Polis Diraja Malaysia (PDRM) has released an infographic through its Facebook post warning Malaysians to be aware of the modus operandi of these tricksters.

Source: Cyber Crime Alert Royal Malaysia Police Facebook

The price can go up as high as US$10,000 (RM41,400) for old notes and coins offered by these so-called collectors. They are currently targeting users on Facebook and Instagram. Below is a brief that sums up how the scam works as reported by The Star.

• First, you’ll get an offer to buy old items like coins and notes on your social media accounts such as Facebook and Instagram.
• If you respond, you will be offered a very high price for it, usually 10x the value.
• If you agree, you will be asked for your bank account details so the money can be paid via bank transfer or telegraphic transfer.
• You will then be informed that the money has been transferred to your account but it has been blocked. 
• You will be then be contacted by another party posing as someone from Bank Negara or Customs claiming that you have committed a crime. 
• Finally, you will be told that you have to pay a hefty fine.

Source: The Star

In general, there are many ways to avoid being scammed online. The public should educate themselves and always be on the lookout and be cautious when they do online trading. International Consumer Protection and Enforcement Network (ICPEN) has laid out some tips for the public that are selling and buying online.

Selling online:
– install security software from a verified provider and set – – it to update automatically,
– offer clear terms and conditions,
– always use and offer a secure payment method,
– avoid bank transfers and direct debits,
– when using a selling platform, make sure it is trusted and reliable,
– beware of scams, including by fake suppliers and customers, and
– independently confirm that payment has been made before supplying goods.

Source: International Consumer Protection and Enforcement Network (ICPEN) Website


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Cyber Crime Alert Royal Malaysia Police Facebook
The Star


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Written by Zilman

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