Facebook Users Lose Over RM$800m To Scams: Report

About 100,000 users have fallen prey to at least 60 scams on Facebook with losses amounting to more than RM800mil (S$315.82 mil) in the last two years.

In a frontpage report, Harian Metro said the figure was obtained through information shared by victims who came together under two Facebook groups called "List a.k.a penipu penyangak" (A list of scammers and crooks) and "Nama-nama penipu Internet yang disenarai hitam" (Names of blacklisted Internet scammers).

The page administrator Raja Mohd Kamaruzuan Raja Daud, 29, said he founded the two groups after falling victim to an international scam on Facebook and was cheated of RM16,000.

The groups have amassed 100,000 members, all of whom admitted they were victims of scams on the popular social network.
Raja Mohd Kamaruzuan told the tabloid that the groups aimed to share information, help bring the scammers to justice and create public awareness of the issue.

The scammers' usual modus operandi would be to send a private message to potential victims with promises of lucrative returns to investment offers, up to three times the capital money, in a short time, he revealed.

A group member, Kazwana Kassim, 42, said she lost RM13,000 after she was promised a 100 per cent return on her investment.

Ten of her friends were also duped as she was led to attract investors with the promise of a 5 per cent commission for each new investor.

"In the beginning, I invested RM1,000 and I was paid RM2,000 after a week. The return got me excited and encouraged me to bring in friends.

"However, after making a fresh investment of close to RM70,000 collected from 10 friends, the syndicate stopped responding to me," she said.
Based on the information shared on the groups, Raja Mohd Kamaruzuan said they had lodged reports with the police, Malaysian Communications and Multimedia Commission and Bank Negara.

Source -- Asia One