Beware! Clone Firm Scams

Clone Firm Scam

⚠ Impersonate as representatives of firms licensed with the SC
⚠ Promote bogus investment schemes with high returns and no risk
⚠ Products are marketed via social media channels e. g. Facebook, Telegram and WhatsApp
⚠ Payments will be required to be made to unrelated bank accounts ( mule accounts)

⚠ Public will be added into WhatsApp/Telegram groups unsolicited
⚠ Scammers will claim to be an expert and promote non-existent investment products
⚠ The group may consist of many members, but most could be part of the scam
⚠ The schemes will be accompanied by fake testimonials by other investors to appear credible
⚠ Payments will be required to be made to unrelated bank accounts (mule accounts)

⚠ Exploits manipulated videos or audio of well-known figures to deceive individuals into fraudulent schemes
⚠ Scammers typically start by posting deepfake videos on social media platforms
⚠ These deepfake videos would promote non-existent investments
⚠ Typically, redirects interested parties to a sign-up page that gathers their personal information
⚠ Once signed up, victims are contacted by agents who then deceive them by asking to transfer money into mule accounts

⚠ The scam starts with the perpetrator offering online tasks through social media platforms
⚠ Several tasks will be given to interested individuals who will be paid commissions into their bank accounts
⚠ Tasks may include buying products online, reviewing Malaysian tourist spots, or liking/following social media pages
⚠ After completing tasks and earning the victim’s trust, the scammer will introduce another “agent” or “broker”
⚠ The victim will be tempted to invest in fake cryptocurrencies with promised high returns. To invest, they’ll be given mule bank account details for payment
⚠ Victims will be directed to a website to sign up for an investment platform and work with “agents” who claim to invest in cryptocurrencies. They receive fake return updates but can`t withdraw their funds when they try

⚠ 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 the money into mule bank accounts
⚠ Eventually, the victim will realise the relationship is a scam