As the Fed begins their journey into a deflationary blizzard, they are beginning to break markets across the globe. As the World Reserve Currency, over 60% of all international trade is done in Dollars, and USDs are the largest Foreign Exchange (Forex) holdings by far for global central banks. Now all foreign currencies are crashing against the Dollar as the vicious feedback loops of Triffin’s Dilemma come home to roost. The Dollar Milkshake has begun.
The Fed, knowingly or unknowingly, has walked into this trap- and now they find themselves caught underneath the Sword of Damocles, with no way out…
​
Sword Of Damocles
--------------------------
“The famed “sword of Damocles” dates back to an ancient moral parable popularized by the Roman philosopher Cicero in his 45 B.C. book “Tusculan Disputations.” Cicero’s version of the tale centers on Dionysius II, a tyrannical king who once ruled over the Sicilian city of Syracuse during the fourth and fifth centuries B.C.
Though rich and powerful, Dionysius was supremely unhappy. His iron-fisted rule had made him many enemies, and he was tormented by fears of assassination—so much so that he slept in a bedchamber surrounded by a moat and only trusted his daughters to shave his beard with a razor.
As Cicero tells it, the king’s dissatisfaction came to a head one day after a court flatterer named Damocles showered him with compliments and remarked how blissful his life must be. “Since this life delights you,” an annoyed Dionysius replied, “do you wish to taste it yourself and make a trial of my good fortune?” When Damocles agreed, Dionysius seated him on a golden couch and ordered a host of servants wait on him. He was treated to succulent cuts of meat and lavished with scented perfumes and ointments.
Damocles couldn’t believe his luck, but just as he was starting to enjoy the life of a king, he noticed that Dionysius had also hung a razor-sharp sword from the ceiling. It was positioned over Damocles’ head, suspended only by a single strand of horsehair.
From then on, the courtier’s fear for his life made it impossible for him to savor the opulence of the feast or enjoy the servants. After casting several nervous glances at the blade dangling above him, he asked to be excused, saying he no longer wished to be so fortunate.”
—---------------
Damocles’ story is a cautionary tale of being careful of what you wish for- Those who strive for power often unknowingly create the very systems that lead to their own eventual downfall. The Sword is often used as a metaphor for a looming danger; a hidden trap that can obliterate those unaware of the great risk that hegemony brings.
Heavy lies the head which wears the crown.
​
There are several Swords of Damocles hanging over the world today, but the one least understood and least believed until now is Triffin’s Dilemma, which lays the bedrock for the Dollar Milkshake Theory. I’ve already written extensively about Triffin’s Dilemma around a year ago in Part 1.5 and Part 4.3 of my Dollar Endgame Series, but let’s recap again.
Here’s a great summary- read both sides of the dilemma:
​
Triffin's Dilemma Summarized

(Seriously, stop here and go back and read Part 1.5 and Part 4.3 Do it!)

​
Essentially, Triffin noted that there was a fundamental flaw in the system: by virtue of the fact that the United States is a World Reserve Currency holder, the global financial system has built in GLOBAL demand for Dollars. No other fiat currency has this.
How is this demand remedied? With supply of course! The United States thus is forced to run current account deficits - meaning it must send more dollars out into the world than it receives on a net basis. This has several implications, which again, I already outlined- but I will list in summary format below:

1. The United States has to be a net importer, ie it must run trade deficits, in order to supply the world with dollars. Remember, dollars and goods are opposite sides of the same equation, so a greater trade deficits means that more dollars are flowing out to the world.
2. (This will devastate US domestic manufacturing, causing political/social/economic issues at home.)
3. These dollars flow outwards into the global economy, and are picked up by institutions in a variety of ways.
4. First, foreign central banks will have to hold dollars as Foreign Exchange Reserves to defend their currency in case of attack on the Forex markets. This was demonstrated during the Asian Financial Crisis of 1997-98, when the Thai Baht, Malaysian Ringgit, and Philippine Peso (among other East Asian currencies) plunged against the Dollar. Their central banks attempted to defend the pegs but they failed.
5. Second, companies will need Dollars for trade- as the USD makes up over 60% of global trade volume, and has the deepest and most liquid forex market by far, even small firms that need to transact cross border trade will have to acquire USDs in order to operate. When South Africa and Chile trade, they don’t want to use Mexican Pesos or Korean Won- they want Dollars.
6. Foreign governments need dollars. There are several countries already who have adopted the Dollar as a replacement for their own currency- Ecuador and Zimbabwe being prime examples. There’s a full list here.
7. Third world governments that don’t fully adopt dollars as their own currencies will still use them to borrow. Argentina has 70% of it’s debt denominated in dollars and Indonesia has 30%, for example. Dollar-denominated debt will build up overseas.

The example I gave in Part 1.5 was that of Liberia, a small West African Nation looking to enter global trade. Needing to hold dollars as part of their exchange reserves, the Liberian Central Bank begins buying USDs on the open market. The process works in a similar fashion for large Liberian export companies.
​
Dollar Recycling
​
Essentially, they print their own currency to buy Dollars. Wanting to earn interest on this massive cash hoard when it isn’t being used, they buy Treasuries and other US debt securities to get a yield.
As their domestic economy grows, their need and dependence on the Dollar grows as well. Their Central Bank builds up larger and larger hoards of Treasuries and Dollars. The entire thesis is that during times of crisis, they can sell the Treasuries for USD, and use the USDs to buy back their own currency on the market- supporting its value and therefore defending the peg.
This buying pressure on USDs and Treasuries confers a massive benefit to the United States-
​
The Exorbitant Privilege
​
This buildup of excess dollars ends up circulating overseas in banks, trade brokers, central banks, governments and companies. These overseas dollars are called the Eurodollar system- a 2016 research paper estimated the size to be around $13.8 Trillion USD. This system is not under official Federal Reserve jurisdiction so it is difficult to get accurate numbers on its size.
​
https://preview.redd.it/92wcmhdb0uq91.png?width=691&format=png&auto=webp&s=20dbaf63f75ff6f2e255fff06e6f48c03170b11b
​
This means the Dollar is always artificially stronger than it should be- and during financial calamity, the dollar is a safe haven as there are guaranteed bidders.
All this dollar denominated debt paired with the global need for dollars in trade creates strong and persistent dollar demand. Demand that MUST be satisfied.
This creates systemic risk on a worldwide scale- an unforeseen Sword of Damocles that hangs above the global financial system. I’ve been trying to foreshadow this in my Dollar Endgame Series.
Triffin’s Dilemma is the basis for the Dollar Milkshake Theory posited by Brent Johnson.
​

The Dollar Milkshake

​
Milkshake of Liquidity
In 2021, Brent worked with RealVision to create a short summary of his thesis- the video can be found here. I should note that Brent has had this theory for years, dating back to 2018, when he first came on podcasts and interviews and laid out his theory (like this video, for example).
Here’s the summary below:
-----
“A giant milkshake of liquidity has been created by global central banks with the dollar as its key ingredient - but if the dollar moves higher this milkshake will be sucked into the US creating a vicious spiral that could quickly destabilize financial markets.
The US dollar is the bedrock of the world's financial system. It greases the wheels of global commerce and exchange- the availability of dollars, cost of dollars, and the level of the dollar itself each can have an outsized impact on economies and investment opportunities.
But more important than the absolute level or availability of dollars is the rate of change in the level of the dollar. If the level of the dollar moves too quickly and particularly if the level rises too fast then problems start popping up all over the place (foreign countries begin defaulting).
Today however many people are convinced that both the role of the Dollar is diminishing and the level of the dollar will only decline. People think that the US is printing so many dollars that the world will be awash with the greenback causing the value of the dollar to fall.
Now it's true that the US is printing a lot of dollars – but other countries are also printing their own currencies in similar amounts so in theory it should even out in terms of value.
But the hidden issue is the difference in demand. Remember the global financial system is built on the US dollar which means even if they don't want them everybody still needs them and if you need something you don't really have much choice. (See DXY Index):
​
DXY Index
​
Although many countries like China are trying to reduce their reliance on dollar transactions this will be a very slow transition. In the meantime the risks of a currency or sovereign debt crisis continue to rise.
But now countries like China and Japan need dollars to buy copper from Australia so the Chinese and the Japanese owe dollars and Australia is getting paid in dollars.
Europe and Asia currently doing very limited amount of non-dollar transactions for oil so they still need dollars to buy oil from saudi and again dollars get hoovered up on both sides
Asia and Europe need dollars to buy soybeans from Brazil. This pulls in yet more dollars - everybody needs dollars for trade invoices, central bank currency reserves and servicing massive cross-border dollar denominated debts of governments and corporations outside the USA.
And the dollar-denominated debt is key- if they don't service their debts or walk away from their dollar debts their funding costs rise putting great financial pressure on their domestic economies. Not only that, it can lead to a credit contraction and a rapid tightening of dollar supply.
The US is happy with the reliance on the greenback they own the settlement system which benefits the US banks who process all the dollars and act as gatekeepers to the Dollar system they police and control the access to the system which benefits the US military machine where defense spending is in excess of any other country so naturally the US benefits from the massive volumes of dollar usage.
​
https://preview.redd.it/yq1f1anq0uq91.png?width=1140&format=png&auto=webp&s=27447e2acec884848a5c70ab3651820e487fc0f3
​
Other countries have naturally been grumbling about being held hostage to the situation but the choices are limited. What it does mean is that dollars need to be constantly sucked out of the USA because other countries all over the world need them to do business and of course the more people there are who need and want those dollars the more is the pressure on the price of dollars to go up.
In fact, global demand is so high that the supply of dollars is just not enough to keep up, even with the US continually printing money. This is why we haven't seen consistently rising US inflation despite so many QE and stimulus programs since the global financial crisis in 2008.
But, the real risk comes when other economies start to slow down or when the US starts to grow relative to the other economies. If there is relatively less economic activity elsewhere in the world then there are fewer dollars in global circulation for others to use in their daily business and of course if there are fewer in circulation then the price goes up as people chase that dwindling source of dollars.
Which is terrible for countries that are slowing down because just when they are suffering economically they still need to pay for many goods in dollars and they still need to service their debts which of course are often in dollars too.
​
So the vortex begins or as we like to say the dollar milkshake- As the level of the dollar rises the rest of the world needs to print more and more of its own currency to then convert to dollars to pay for goods and to service its dollar debt this means the dollar just keeps on rising in response many countries will be forced to devalue their own currencies so of course the dollar rises again and this puts a huge strain on the global system.
(see the charts below:)
JPY/USD
​
GBP/USD
​
EUUSD
​
To make matters worse in this environment the US looks like an attractive safe haven so the US ends up sucking in the capital from the rest of the world-the dollar rises again. Pretty soon you have a full-scale sovereign bond and currency crisis.
​
https://preview.redd.it/72nlain01uq91.png?width=1141&format=png&auto=webp&s=cbaa411acc88acb3849949d84a36624d75d6cfc4
​
We're now into that final napalm run that sees the dollar and dollar assets accelerate even higher and this completely undermines global markets. Central banks try to prevent disorderly moves, but the global markets are bigger and the momentum unstoppable once it takes hold.
And that is the risk that very few people see coming but that everyone should have a hedge against - when the US sucks up the dollar milkshake, bad things are going to happen.
Worst of all there's no alternatives- what are you going to use-- Chinese Yuan? Japanese Yen? the Euro??
Now, like it or not we're stuck with a dollar underpinning the global financial system.”
—-------------
Why is it playing out now, in real time?? It all leads back to a tweet I made in a thread on September 16th.
​
Tweet Thread about the Yuan
​
The Fed, rushing to avoid a financial crisis in March 2020, printed trillions. This spurred inflation, which they then swore to fight. Thus they began hiking interest rates on March 16th, and began Quantitative Tightening this summer.
QE had stopped- No new dollars were flowing out into a system which has a constant demand for them. Worse yet, they were hiking completely blind-
Although the Fed is very far behind the curve, (meaning they are hiking far too late to really combat inflation)- other countries are even farther behind!
Japan has rates currently at 0.00- 0.25%, and the Eurozone is at 1.25%. These central banks have barely begun hiking, and some even swear to keep them at the zero-bound. By hiking domestic interest rates above foreign ones, the Fed is incentivizing what are called carry trades.
Since there is a spread between the Yen and the Dollar in terms of interest rates, it thus is profitable for traders to borrow in Yen (shorting it essentially) and buy Dollars, which can earn 2.25% interest. The spread would be around 2%.
DXY rises, and the Yen falls, in a vicious feedback loop.
Thus capital flows out of Japan, and into the US. The US sucks up the Dollar Milkshake, draining global liquidity. As I’ve stated before, this has seriously dangerous implications for the global financial system.
For those of you who don’t believe this could be foreseen, check out the ending paragraphs of Dollar Endgame Part 4.3 - “Economic Warfare and the End of Bretton Woods” published February 16, 2022:
​
Triffin's Dilemma is the Final Nail
​
What I’ve been attempting to do in my work is restate Triffins’ Dilemma, and by extension the Dollar Milkshake, in other terms- to come at the issue from different angles.
Currently the Fed is not printing money. Which is thus causing havoc in global trade (seen in the currency markets) because not enough dollars are flowing out to satisfy demand.
The Fed must therefore restart QE unless it wants to spur a collapse on a global scale. Remember, all these foreign countries NEED to buy, borrow and trade in a currency that THEY CANNOT PRINT!
We do not have enough time here to go in depth on the Yen, Yuan, Pound or the Euro- all these currencies have different macro factors and trade factors which affect their currencies to a large degree. But the largest factor by FAR is Triffin’s Dilemma + the Dollar Milkshake, and their desperate need for dollars. That is why basically every fiat currency is collapsing versus the Dollar.
The Fed, knowingly or not, is basically in charge of the global financial system. They may shout, “We raise rates in the US to fight inflation, global consequences be damned!!” - But that’s a hell of a lot more difficult to follow when large G7 countries are in the early stages of a full blown currency crisis.
The most serious implication is that the Fed is responsible for supplying dollars to everyone. When they raise rates, they trigger a margin call on the entire world. They need to bail them out by supplying them with fresh dollars to stabilize their currencies.
In other words, the Fed has to run the loosest and most accommodative monetary policy worldwide- they must keep rates as low as possible, and print as much as possible, in order to keep the global financial system running. If they don’t do that, sovereigns begin to blow up, like Japan did last week and like England did on Wednesday.
And if the world’s financial system implodes, they must bail out not only the United States, but virtually every global central bank. This is the Sword of Damocles. The money needed for this would be well in the dozens of trillions.
The Dollar Endgame Approaches…
—-------------------------------------------------------------
​

Q&A

(Many of you have been messaging me with questions, rebuttals or comments. I’ll do my best to answer some of the more poignant ones here.)

—-----
Q: I’ve been reading your work, you keep saying the dollar is going to fall in value, and be inflated away. Now you’re switching sides and joining the dollar bull faction. Seems like you don’t know what you’re talking about!
A: You’re mixing up my statements. When I discuss the dollar losing value, I am referring to it falling in ABSOLUTE value, against goods and services produced in the real economy. This is what is called inflation. I made this call in 2021, and so far, it has proven right as inflation has accelerated.
The dollar gaining strength ONLY applies to foreign currency exchange markets (Forex)- remember, DXY, JPYUSD, and other currency pairs are RELATIVE indicators of value. Therefore, both JPY and USD can be falling in real terms (inflation) but if one is falling faster, then that one will lose value relative to the other. Also, Forex markets are correlated with, but not an exact match, for inflation.
I attempted to foreshadow the entire dollar bull thesis in the conclusion of Part 1 of the Dollar Endgame, posted well over a year ago-
​
Unraveling of the Currency Markets
​
I did not give an estimate on when this would happen, or how long DXY would be whipsawed upwards, because I truly do not know.
I do know that eventually the Fed will likely open up swap lines, flooding the Eurodollar market with fresh greenbacks and easing the dollar short squeeze. Then selling pressure will resume on the dollar. They would only likely do this when things get truly calamitous- and we are on our way towards getting there.
The US bond market is currently in dire straits, which matches the prediction of spiking interest rates. The 2yr Treasury is at 4.1%, it was at 3.9% just a few days ago. Only a matter of time until the selloff gets worse.
—------
Q: Foreign Central banks can find a way out. They can just use their reserves to buy back their own currency.
Sure, they can try that. It’ll work for a while- but what happens once they run out of reserves, which basically always happens? I can’t think of a time in financial history that a country has been able to defend a currency peg against a sustained attack.
​
Global Forex Reserves
​
They’ll run out of bullets, like they always do, and basically the only option left will be to hike interest rates, to attract capital to flow back into their country. But how will they do that with global debt to GDP at 356%? If all these countries do that, they will cause a global depression on a scale never seen before.
Britain, for example, has a bit over $100B of reserves. That provides maybe a few months of cover in the Forex markets until they’re done.
Furthermore, you are ignoring another vicious feedback loop. When the foreign banks sell US Treasuries, this drives up yields in the US, which makes even more capital flow to the US! This weakens their currency even further.
​
FX Feedback Loop
​
To add insult to injury, this increases US Treasury borrowing costs, which means even if the Fed completely ignores the global economy imploding, the US will pay much more in interest. We will reach insolvency even faster than anyone believes.
The 2yr Treasury bond is above 4%- with $31T of debt, that means when we refinance we will pay $1.24 Trillion in interest alone. Who's going to buy that debt? The only entity with a balance sheet large enough to absorb that is the Fed. Restarting QE in 3...2…1…
—----
Q: I live in England. With the Pound collapsing, what can I do? What will happen from here? How will the governments respond?
England, and Europe in general, is in serious trouble. You guys are currently facing a severe energy crisis stemming from Russia cutting off Nord Stream 1 in early September and now with Nord Stream 2 offline due to a mysterious leak, energy supplies will be even more tight.
Not to mention, you have a pretty high debt to GDP at 95%. Britain is a net importer, and is still running government deficits of £15.8 billion (recorded in Q1 2022). Basically, you guys are the United States without your own large scale energy and defense sector, and without Empire status and a World Reserve Currency that you once had.
The Pound will almost certainly continue falling against the Dollar. The Bank of England panicked on Wednesday in reaction to a $100M margin call on British pension funds, and now has begun buying long dated (10yr) gilts, or government bonds.
They’re doing this as inflation is spiking there even worse than the US, and the nation faces a currency crisis as the Pound is nearing parity with the Dollar.
​
BOE announces bond-buying scheme (9/28/22)
​
I will not sugarcoat it, things will get rough. You need to hold cash, make sure your job, business, or investments are secure (ie you have cashflow) and hunker down. Eliminate any unnecessary purchases. If you can, buy USDs as they will likely continue to rise and will hold value better than your own currency.
If Parliament goes through with more tax cuts, that will only make the fiscal situation worse and result in more borrowing, and thus more money printing in the end.
—----
Q: What does this mean for Gamestop? For the domestic US economy?
Gamestop will continue to operate as I am sure they have been- investing in growth and expanding their Web3 platform.
Fiat is fundamentally broken. This much is clear- we need a new financial system not based on flawed 16th fractional banking principles or “trust me bro” financial intermediaries.
My hope is that they are at the forefront of a new financial system which does not require centralized authorities or custodians- one where you truly own your assets, and debasement is impossible.
I haven’t really written about GME extensively because it’s been covered so well by others, and I don’t feel I have that much to add.
As for the US economy, we are still in a deep recession, no matter what the politicians say- and it will get worse. But our economic troubles, at least in the short term (6 months) will not be as severe as the rest of the world due to the aforementioned Dollar Milkshake.
The debt crisis is still looming, midterms are approaching, and the government continues to deficit spend as if there’s no tomorrow.
As the global monetary system unravels, yields will spike, the deleveraging will get worse, and our dollar will get stronger. The fundamental factors continue to deteriorate.
I’ve covered the US enough so I'll leave it there.
—------
Q: Did you know about the Dollar Milkshake Theory before recently? What did you think of it?
Of course I knew about it, I’ve been following Brent Johnson since he appeared on RealVision and Macrovoices. He laid out the entire theory in 2018 in a long form interview here. I listened to it maybe a couple times, and at the time I thought he was right- I just didn’t know how right he was.
Brent and I have followed each other and been chatting a little on Twitter- his handle is SantiagoAuFund, I highly recommend you give him a follow.
​
Twitter Chat
​
I’ve never met him in person, but from what I can see, his predictions are more accurate than almost anyone else in finance. Again, all credit to him- he truly understands the global monetary system on a fundamental level.
I believed him when he said the dollar would rally- but the speed and strength of the rally has surprised me. I’ve heard him predict DXY could go to 150, mirroring the massive DXY squeeze post the 1970s stagflation. He could very easily be right- and the absolute chaos this would mean for global trade and finance are unfathomable.
​
History of DXY
​
—----------
Q: The Pound and Euro are falling just because of the energy crisis there. That's it!
Why is the Yen falling then? How about the Yuan? Those countries are not currently undergoing an energy crisis. Let’s review the year to date performance of most fiat currencies vs the dollar:
Japanese Yen: -20.31%
Chinese Yuan: -10.79%
South African Rand: -10.95%
English Pound: -18.18%
Euro: -14.01%
Swiss Franc: -6.89%
South Korean Won: -16.73%
Indian Rupee: -8.60%
Turkish Lira: -27.95%
There are only a handful of currencies positive against the dollar, the most notable being the Russian Ruble and the Brazilian Real- two countries which have massive commodity resources and are strong exporters. In an inflationary environment, hard assets do best, so this is no surprise.
—------
Q: What can the average person do to prepare? What are you doing?
Obligatory this is NOT financial advice
This is an extremely difficult question, as there are so many factors. You need to ask yourself, what is your financial situation like? How much disposable income do you have? What things could you cut back on? I can’t give you specific ideas without knowing your situation.
Personally, I am building up savings and cutting down on expenses. I’m getting ready for a severe recession/depression in the US and trying to find ways to increase my income, maybe a side hustle or switching jobs.
I am holding my GME and not selling- I still have some shares in Fidelity that I need to DRS (I know, sorry, I was procrastinating).
For the next few months, I believe there will be accelerating deflation as interest rates spike and the debt cycle begins to unwind. But like I’ve stated before, this will lead us towards a second Great Depression very rapidly, and to avoid the deflationary blizzard the Fed will restart QE on a scale never seen before.
QE Infinity. This will be the impetus for even worse inflation- 25%+ by this time next year.
It’s hard to prepare for this, and easy to feel hopeless. It’s important to know that we have been through monetary crises before, and society did not devolve into a zombie apocalypse. You are not alone, and we will get through this together.
It’s also important to note that we are holding the most lopsided investment opportunity of a generation. Any money you put in there can be grown by orders of magnitude.
We are at the end of the Central Bankers game- and although it will be painful, we will rid the world of them, I believe, and build a new financial system based on blockchains which will disintermediate the institutions. They have everything to lose.
—------
Q: I want to learn more, where can I do? What can I do to keep up to date with everything?
You can start by reading books, listening to podcasts, and checking the news to stay abreast of developments. I have a book list linked at the end of the Dollar Endgame posts.
I’ll be covering the central bank clown show on Twitter, you can follow me there if you like. I’ll also include links to some of my favorite macro people below:

• Peruvian Bull (my only account)
• Lyn Alden
• Luke Gromen
• Brent Johnson
• Raoul Pal
• Andreas Steno Larsen
• Jeffrey Snider

I’m still finishing up the finale for Dollar Endgame- I should have it out soon. I’m also writing an addendum to the series which is purely Q&A to answer questions and concerns. Sorry for the wait.
—-------------------
Nothing on this Post constitutes investment advice, performance data or any recommendation that any security, portfolio of securities, investment product, transaction or investment strategy is suitable for any specific person.

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https://preview.redd.it/ha93xqxtn6n91.jpg?width=1024&format=pjpg&auto=webp&s=8c1ac93b8052cc4047b0ebf7badeb6df62186d20
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Revised version of the original post.
​
1. Identifying accounts used by scammers by verifying if a Malaysian Bank Account or Telephone number has been used in an online fraud case or scam:
Semakmule
How: Go on https://semakmule.rmp.gov.my/
2. Blocking spam calls
How: Install Truecaller

General guideline if you have been scammed (Source: BNM)

1. Firstly, you are advised to lodge a police report.
2. Then, to report to the relevant enforcement agency.
3. You must keep all records and documentations for the investments such as bank-in slips, deposit slips, agreements, vouchers that you received from the company or perpetrator so that you can use the documents to take action against the company.
4. This includes details of the officers or key persons that you dealt with in the company. This information could prove useful for enforcement purposes.

Who to report to:

1.​PDRM
2. BNM (Bank Negara)

• Lodge a complaint using their weblink: https://telelink.bnm.gov.my/
• Any of the BNM offices (Face-to-face consultations will require appointment made through the weblink or hotline)
• BNMTELELINK (Contact Centre) Tel: 1-300-88-5465 (1-300-88-LINK)

3.KPDNHEP (complaints regarding goods and services)

• Toll free number (1-800-886-800)
• System e-Aduan: http://e-aduan.kpdnhep.gov.my/
• WhatsApp

4. KPKT (complaints regarding licensed money lenders, usually for illegal money lenders or Along they refer to PDRM)

• Lodge a complaint on: https://aduan.kpkt.gov.my/aduan-online/entry/aduanperumahan.cfm
• Call their hotline Bahagian Kawalan Kredit Komuniti (BKKK) on 03-8891 4694/4690
• Go to Kaunter Aduan KPKT di Aras 1, KPKT di Putrajaya.

5.MCMC (complaints regarding cyber scams which include telecommunications services, broadcasting services, Internet services, postal services, online content problems, USP and more. Check the full list here)

• Lodge a complaint on: https://aduan.skmm.gov.my/

6. Securities Commission (Investment scams)

• Call their hotline 03-62048999 or [[email protected]](mailto:[email protected])

SCAM TYPE 1: SMS/CALL /MACAU SCAMS

Source: Sinar Harian and PIDM
Prevention [Source: CIMB]:

• Do not panic if you receive a call from someone posing as a BNM staff/MACC/court officePOS Malaysia/bank officepolice/LHDN. Verify with the relevant authorities by calling their official number
• In regards to LHDN, any tax-related matters are not discussed through phone calls but instead, via official letters or their official domain @ hasil.gov.my
• Do not respond to SMS or calls from unknown person asking/pressuring for your credit/debit card or online banking details. End the call immediately.
• Watch out for poor grammar in the SMS.

Further news articles:

• Woman loses over RM1 million of life savings to Macau scam
• Entrepreneur loses over RM30,000 in Macau scam

SCAM TYPE 2: FINANCIAL SCAM

Source: BERNAMA
Financial scam # Type 1: Low loan interest
https://preview.redd.it/pjvlmheyxfn81.jpg?width=427&format=pjpg&auto=webp&s=c0497f4ba183d16b36c896972a327c8e11cbd2bc
How do loans work [Source: Hong Leong Bank]

• There will always be an official document (printed or digital) which discloses clearly your loan details
• You will never have to pay any sum upfront as it is illegal for a lender to ask for pre-payment
• Be sure the loans are from licensed financial institutions since they are regulated by the central bank and therefore the safest option or iKreditKom app by KPKT(Kementerian Perumahan dan Kerajaan Tempatan) which allows people to check whether the lending company is legally registered before making a loan.
• Licensed financial institutions and/or banks DO NOT appoint or engage third parties or agents for the process of securing loans [Source: ABM (Association of Banks in Malaysia)]

Red Flags [Source: Hong Leong Bank]:

• A lender who has zero interest in your credit history, and ads that say “No hassle-fast money guaranteed”.
• Legitimate lenders will only approve loan once they accessed your credit history.
• The entire loan process takes place via WhatsApp or socmed.
• Some scammers claim you need to pay a processing fee due to bad credit health
• Scammers may pressure you to give personal information or send money before providing proper documentation

Further news articles:

• Lured by low interest rates, woman loses RM117,000 in two loan scams
• Public Bank cautions against loan scams as Malaysians seek financial lifeline

Financial scam # Type 2: Identity Theft
Prevention: [Source: CIMB]:

• Always remember to log out once you have completed your banking transactions.
• Never share details such as your card number / User ID / PIN / password / TAC with anyone or key them in in any website other than the official banking sites
• Do not click on links or open email attachments from unknown sources
• Don’t write your PIN anywhere which is easily accessible to anyone.
• Never save your card details on your browser.
• Never use easy-to-guess Card PINs such as date of birth.

Financial scam # Type 3: Mule Account Scam
Source: TheStar and PIDM
Prevention [Source: Maybank and ABM]:

• Do not allow your account to be used or handled by any third party or unknown persons.
• Do not share your account bank details i.e. Internet Banking User Name and/or Password, ATM Card, PIN Number or TAC to a third party.
• Do not be tempted by lucrative job offers with involve you handing over your ATM card/online banking details as enforcement action will be taken against you if you are found to be involved

Further news articles:

• Five nabbed for leasing their bank accounts to scammers
• Macau scam targets IPTS students to provide mule accounts

Financial scam # Type 4: Email Scam
Source: Public Bank
Prevention [Source: BNM]

• Use web browsers that are up-to-date with built-in phishing filters.
• DO NOT trust emails, calls or SMS claiming cash wins or refunds and requesting for personal banking information.
• Contact your respective banks when in doubt.

Financial scam # Type 5: Loan Deferment Scam
Source: AmBank
Modus operandi and prevention [Source: Alliance Bank]

• First, scammers will contact via phones, emails, social media and offer to provide assistance in loan payment deferment application.
• Next, they will provide a URL to bank lookalike application form for customers to fill in personal & banking details
• Finally, request for “processing fee” for loan deferment application. Use the bank’s official channels instead of 3rd party agents to get more details on loan deferment.

SCAM TYPE 3: ILLEGAL INVESTMENT

Prevention [Source: The Edge Markets]:

• Verify the status of individuals or companies offering investing opportunities via Security Commission’s website and whether they are on the list of unauthorised websites, investment products, companies and individuals.
• Most investment schemes require authorisation/registration with the regulator. Ex: SC, BNM, KPDNKK, SSM. When in doubt, contact SC.
• Remember the golden rule - if it sounds too good to be true, it's probably a scam
• Be cautious of investments offered via social media platforms or fake celebrities endorsements
• Don't be pressured or rushed to invest
• Be sceptical of any investment opportunity that is not in writing
• In case an investment has been made, keep copies of all the investment and communications

Further news articles:

• Illegal fund manager jailed for 4 years over Internet investment scam
• Bukit Aman: Nine held in investment scam involving almost RM1.9m losses

SCAM TYPE 4: E-Commerce SCAM

Source: 2 Reddit posts
General tips [Source: nasilemaktech] :

• For expensive items recommended to buy from “Official Stores” which is 100% legit to ensure legitimacy and genuinity of the product. For Lazada, recommended to look out for "Flagship Store" logo and "Shopee Mall" for Shopee. Shopee product scam example
• Avoid making purchases on FB, WhatsApp and other social media platforms as scammers may block your contact after receiving your payment, with no delivery or refund issued.
• Be wary of fake "custom fees"
• Must have clear description of products
• Always check the URL for errors/inconsistencies/poor grammar and look out for accessible contact information.
• Do not believe 100% online reviews and be sure to ask the seller if you have any questions.

4.1 E-Commerce Scam (Shopee/Lazada)

General tips:[Source: Shopee Online Shopping Safety Tips]

• Shopee/Lazada will never ask for OTP.
• Shopee/Lazada will only contact users/sellers via official channel such as Official FB page or through official app notification, and this includes announcements for campaigns or prizes as well as distribution of vouchers.
• All finance-related activities should be strictly done through Shopee/Lazada App and Web only, and when in doubt, check with the authorities or their customer service
• Always keep count on the orders you have really made from both platforms

What you should do if you are scammed on Lazada by u/sasa86 (may be applicable to Shopee or other platforms):

1. Compile all screenshots, especially the part where the 'seller' promises refund.
2. Make a police report, claiming fraud.
3. Forward a copy of police report and compiled screenshots to Lazada, as the platform strictly prohibits sellers from conducting sales outside the platform.
4. Once Lazada confirms receipt of said report, forward it to the 'seller' together with a copy of the police report AND state that you will pursue legal action if the money is not refunded by XX days.
5. When making statements to police or Lazada or 'seller', be calm and not be too angry when 'seller' replies to ask you for more time or delay, just shut him off and say sorry, please refund by XX days, then don't say anything more than necessary.

Shopee Scam # Type 1: Stealing personal/bank account details through SMS/phone calls/Fake Seller Centre Scam

• Scenario 1: Scammers steal bank account details via SMS/phone calls
• Scenario 2: Scammers requests for OTP after victim places an order on Shopee
• Scenario 3: Scammer impersonates to be victim's friend on social media
• Scenario 4: Scammers steal seller Shopee account details via SMS/WhatsApp

Shopee Scam # Type 2: Payment Scam

• Scenario 1: Scammer targets users through sponsored posts impersonating to be Shopee
• Scenario 2: Scammer impersonating as Shopee on unofficial channels for campaigns/giveaways
• Scenario 3: Scammers request direct payments out of Shopee via WhatsApp/Line/Wechat
• Scenario 4: Scammers request refund for overpaid orders

Shopee Scam # Type 3: Shopee unofficial channel/fake Shopee website scams

• Scenario 1: Scammers steal victim's login information via phishing websites
• Scenario 2: Scammers use pop-up ads on websites to gain victim's trust and information using Shopee logo
• Scenario: Scammers attempted to get the victim's personal details via private message on social media

Shopee Scam # Type 4: Parcel Scam

• Scenario 1: Scammers contact victim that they might have an unclaimed package via SMS/phone calls

4.2 E-Commerce Scam (Carousell)

General tips:

1. For expensive items, always insist on COD or Carousell Protection
2. Make sure transaction takes place on Carousel and not WhatsApp
3. If item is too cheap, then it's good to be true and likely a scam.
4. For sellers, recommended not to sell to a user based in another country
5. Check seller or buyer's ratings and go for the lowest star review instead of 5-star
6. Report to police as well as Carousell so they can suspend the seller's account
7. Make offer and wait for it to be accepted so that you can leave a review to warn others

SCAM TYPE 5: JOB SCAM

Source:https://www.reddit.com/malaysia/comments/r7sa6v/is_this_a_scam/
Prevention and Identifying fake job offers [Source: Randstad]:

• Search for jobs advertised on reputable and legitimate employment websites, such as JobStreet (still have to be cautious)
• Red flag if money is involved and you are asked to transfer money for medical check, work pass application or to attend the job interview
• The company has no website or official/corporate social media account
• You did not apply for the job
• The job is too good to be true and job description is unclear or too short
• Poor use of the English language with multiple typos and grammatical errors in the job advertisement or text messages, or “job offer” that starts with “Hi dear…”
• You found the job posting in a random social media community
• They ask you for your personal information such as your mobile number or ID photo on messaging platforms

Job scams on Lazada and Shopee:

• Shopee/Lazada confirms that there is no such role as “Online Purchasing Agents” or "Lazada Affiliate Marketing Group".
• Shopee Job Scams:

1. Scenario 1: A job offer that requires you to pay to get paid
2. Scenario 2: The same job scam with an upgrade

• Lazada Job Scams:

1. Case Study 1: Purchasing products to “increase traffic and clicks” and promising commission by u/liamkohwil
2. Case Study 2: Fake Lazada Affiliate Marketing Group by u/roboukiiscool

How Lazada scam works by u/roboukiiscool (applicable to Shopee too):

1. You help them buy 'products' for them in which they will pay you a small % of commission on (in this case 8%)
2. After purchasing the 'products', you send them a payment slip as evidence of you actually purchasing and they'll supposedly pay you back the original amount of cash you paid for the product AND the commission they promised.
3. It starts from small amounts such as rm 5 rm 25 rm50 rm100 and you get 8% commission for all these transactions, sounds like easy money and they gain your trust already.
4. The higher cost transactions will be around rm500 and this is where they'll start to test how far they can take you, they call this the 'vip lounge' or something else, so you thinking you're earning easy commission money through making such sales, you let your guard down.
5. The scammers think they have extracted enough from you and give excuses on why they cannot reimburse your cash and commission anymore, late on payment, etc etc and block you after that.

Further news articles:

• Ex sales rep loses more than RM165,000 in online job scam
• POS Malaysia urges public to beware of scams and fake jobs that bears its name

SCAM TYPE 6: LOVE SCAM

Source: Free Malaysia Today and PIDM
Prevention [Source:Investright.org and RHB Bank]

• Cannot meet you in person and avoid video chats.
• Profess their love early on in relationships and flood you with affectionate messages.
• Steer the conversation toward finances and ask for money.
• May ask for your nude photos or perform sexual acts in front of a webcam and then threaten to spread the photos to family, friends and strangers if you stop sending them money.
• Often another form of parcel scam, in which the scammer will claim to send a parcel with valuable items or money and promise commission/jewelries to the victim but need to pay for “courier service”.

SCAM TYPE 7: ROAD SCAM

7.1 Road Scam (Oil and Smoke scam)

Modus operandi (Source):

• A motorcyclist drive beside your car and points out to your wheel to indicate a problem and alarmed, you pull over to the side of the road.
• This motorcyclist then "helps" to call a "mechanic" to get your wheel examined. The ‘mechanic’ would go as far as disabling the braking system while ‘checking’ for the cause of the smoke.
• After doing so, he’ll then ask you to test your brakes, which are now not functioning. Being "helpful", he offers to help you get a new but very expensive spare part (most likely the old part is cleaned and brought back as "new").

Prevention:

• Don't let strangers fix your camotorcycle and call your car insurance company.

7.2 Road Scam (Tow Truck scam)

Modus operandi (Source):

• Scammers would cover one part of the road with oil, causing drivers to lose control of their car, ultimately skidding and crashing it.
• Within minutes, these tow trucks would appear and offer to tow your car for an exorbitant price and pressures you into agreeing, saying how you’re obstructing the road etc.
• However, instead of towing it to the workshop of your choice, they may secretly tow it back to their own workshop and then extort money from you, otherwise they will not ‘release’ your car.

Prevention:

• Do not let yourself be pressured and insist on using your own car insurance company's tow truck service.
• Case example

SCAM TYPE 8: CHARITY SCAM

https://preview.redd.it/mqktx39gvfn81.png?width=199&format=png&auto=webp&s=71e30f5bbc30b54d54eef60c647153f7b51dcc11
Modus operandi (Source):

• Often scammers will exploit a recent natural disastecrisis, pretending to work for a legitimate charity and play on your emotions by claiming to collect for a cause that will secure your sympathy, for example sick children.
• Socmed posts, going around town or from one eatery to another, outside LRT/bus stations, morning markets, shopping malls etc etc holding brochures/folders or newspaper clippings to convince you of their legitimacy. May even dress up as a monk.

Prevention Source:

• Request to see a permit letter as only charities with permit from PDRM (House to House and Street Collections Act 1947) are allowed to collect street donations.
• Religious organisations such as madrasahs or tahfiz schools, prior to "kutipan khairat" they must first apply for a letter of approval from each state's religious department such as JAIS or JAIM, failing which they may be fined or face imprisonment.
• Contact the organisation directly, ask questions as well as a receipt. Red flag if they can't do the latter two.
• Donate items or time rather than cash if you wish to help orphanages/old folks' home/NGOs

SCAM TYPE 9: SCRATCH & WIN (used to be rampant but may make a comeback )

Modus operandi [Source: Straitstimes]

1. The crooks approach the victims and ask them to try their luck with a scratch card.
2. In some cases, victims may receive calls about winning a “contest”. They tell the victims they have won a mystery prize and ask them to go to an office to find out what it is.
3. When they arrive, the con men reveal the "prize", usually cheap electrical goods. The victims are offered the chance to win a more substantial prize, and asked to hand over cash in advance to cover bogus costs such as "taxes".

SCAM TYPE 10: HAJJ/UMRAH PACKAGE SCAM

Prevention [Source: PDRM]

• Do not fall for cheap Umrah packages, especially those offered on socmed or WhatsApp (ex: RM2000 for haj and umrah which is unrealistic price after permit, accommodation, transport and food costs are taken into consideration).
• Check https://www.motac.gov.my/en/semakan/umrah for a list of licensed and approved travel agencies that offer Umrah packages.

What to do if you have been scammed:

• Lodge a police report and also go on https://motac.spab.gov.my/eApps/system/index.do?aplCode=en to lodge a complaint

OTHER SCAMS:

• Inheritance scams and red flags/prevention
• Fake KFC free vouchers
• Fake McD vouchers and gift cards by participating in a survey

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There needs to be more awareness on scams, hence this post. Please note that this is not an exhaustive list, just a few common ones. As it's a long post, I used headings and bullet points to make it more digestible rather than a wall of text. All sources are credited but I left out any, please inform me and I will edit my post.

​ IMPORTANT!!

1. Identifying accounts used by scammers by verifying if a Malaysian Bank Account or Telephone number has been used in an online fraud case or scam:
How: Go on https://semakmule.rmp.gov.my/
2. Blocking spam calls
How: Install Truecaller

General guideline if you have been scammed (Source: BNM)

1. Firstly, you are advised to lodge a police report.
2. Then, to report to the relevant enforcement agency.
3. You must keep all records and documentations for the investments such as bank-in slips, deposit slips, agreements, vouchers that you received from the company or perpetrator so that you can use the documents to take action against the company.
4. This includes details of the officers or key persons that you dealt with in the company. This information could prove useful for enforcement purposes.

Who to report to:

https://preview.redd.it/958ffumdsm381.jpg?width=544&format=pjpg&auto=webp&s=29d71d1eed642c90897647b0c03363bbeb251ca6
1.​PDRM
2. BNM (Bank Negara)

• Lodge a complaint using their weblink: https://telelink.bnm.gov.my/
• Any of the BNM offices (Face-to-face consultations will require appointment made through the weblink or hotline)
• BNMTELELINK (Contact Centre) Tel: 1-300-88-5465 (1-300-88-LINK)

3.KPDNHEP (complaints regarding goods and services)

• Toll free number (1-800-886-800)
• System e-Aduan: http://e-aduan.kpdnhep.gov.my/
• WhatsApp

4. KPKT (complaints regarding licensed money lenders, usually for illegal money lenders or Along they refer to PDRM)

• Lodge a complaint on: https://aduan.kpkt.gov.my/aduan-online/entry/aduanperumahan.cfm
• Call their hotline Bahagian Kawalan Kredit Komuniti (BKKK) on 03-8891 4694/4690
• Go to Kaunter Aduan KPKT di Aras 1, KPKT di Putrajaya.

5.MCMC (complaints regarding cyber scams which include telecommunications services, broadcasting services, Internet services, postal services, online content problems, USP and more. Check the full list here)

• Lodge a complaint on: https://aduan.skmm.gov.my/

6. National Consumer Complaints Centre

• Lodge a complaint on https://ncccaduan.firebaseapp.com/ (but it is currently offline until December 31st 2021)

​

TYPES OF SCAMS

SCAM TYPE 1: PINJAMAN TIDAK WUJUD

Source: KPDNHEP
Modus operandi: Offering loans via socmed such as FB, Instagram and WhatsApp
Prevention [Source: Harian Metro]

• Don't fall for low interest rate and "fast money guaranteed" offer
• Be physically present at financial institutions or licensed money lenders for loan application instead of through socmed
• Go on i-KrediKom which was launched on 5th April 2019 for a list of licensed moneylenders or community credit companies registered under the KPKT

Further news articles:

• Dua individu rugi Rm29,040 ditipu sindiket pinjaman tidak wujud
• Ibu tunggal rugi RM17, 800 ditipu pinjaman tidak wujud

SCAM TYPE 2: PARCEL SCAM

Source: Malay Mail and PIDM
Prevention [Source: Ninjavan]:

• Keep track of all your purchases.
• Do not accept parcels / items that you are not expecting, especially if you have to pay for it.
• Parcel scam is often another form of love scam, in which the scammer will claim to send a parcel with valuable items or money and promise commission/jewelries to the victim but need to pay for “courier service”.

Further news articles:

• 78-year-old retiree cheated of RM400,000 in parcel scam
• Admin clerk loses RM19500 to parcel scam

SCAM TYPE 3: LOVE SCAM

Source: Free Malaysia Today and PIDM
Prevention [Source:Investright.org and RHB Bank]

• They cannot meet you in person and avoid video chats.
• They profess their love early on in relationships and flood you with affectionate messages.
• They steer the conversation toward finances and ask for money.
• They may ask for your nude photos or perform sexual acts in front of a webcam and may threaten to spread the photos to family, friends and strangers if you stop sending them money.
• Love scam is often another form of parcel scam, in which the scammer will claim to send a parcel with valuable items or money and promise commission/jewelries to the victim but need to pay for “courier service”.

Further news articles:

• Widow falls for Chong Wei love scam loses RM395200
• Woman loses RM27 million in love scam to American pilot

SCAM TYPE 4: ILLEGAL INVESTMENT

Source: Securities Commission
Prevention [Source: The Edge Markets]:

• Verify the status of individuals or companies offering investing opportunities via Security Commission’s website and whether they are on the list of unauthorised websites, investment products, companies and individuals.
• Remember the golden rule - if it sounds too good to be true, it's probably a scam
• Deal only with licensed financial institutions and authorised dealers
• Be cautious of investments offered via social media platforms or fake celebrities endorsements
• Don't be pressured or rushed to invest
• Be sceptical of any investment opportunity that is not in writing
• In case an investment has been made, keep copies of all the investment and communications

Further news articles:

• Illegal fund manager jailed for 4 years over Internet investment scam
• Bukit Aman: Nine held in investment scam involving almost RM1.9m losses

SCAM TYPE 5: FINANCIAL SCAM

Source: Bernama
Financial scam # Type 1: Low loan interest
https://preview.redd.it/px706yeytm381.jpg?width=427&format=pjpg&auto=webp&s=45ee6b49c269da1be0e0e60d2ec2442040881689
How do loans work [Source: Hong Leong Bank]

• There will always be an official document (printed or digital) which discloses clearly your loan details
• You will never have to pay any sum upfront as it is illegal for a lender to ask for pre-payment
• Find out who the borrower is and be sure the loans are from licensed financial institutions since they are regulated by the central bank and therefore the safest option or iKreditKom app by KPKT(Kementerian Perumahan dan Kerajaan Tempatan) which allows people to check whether the lending company is legally registered before making a loan.
• Licensed financial institutions and/or banks DO NOT appoint or engage third parties or agents for the process of securing loans [Source: ABM (Association of Banks in Malaysia)]

Red Flags [Source: Hong Leong Bank]:

• A lender who has zero interest in your credit history, and ads that say “No hassle-fast money guaranteed” or “We don’t care about your credit”.
• Legitimate lenders will only approve loan once they accessed your credit history.
• The entire loan process takes place via WhatsApp or socmed
• Upfront payment: Some scammers claim you need to pay a processing fee due to bad credit health
• Pressured to act immediately: Scammers may pressure you to give personal information or send money before providing proper documentation

Further news articles:

• Lured by low interest rates, woman loses RM117,000 in two loan scams
• Public Bank cautions against loan scams as Malaysians seek financial lifeline

Financial scam # Type 2: Identity Theft
Source: RHB
Prevention: [Source: CIMB]:

• Always remember to log out once you have completed your banking transactions.
• Never share details such as your card number / User ID / PIN / password / TAC with anyone or key them in in any website other than the official banking sites
• Do not click on links or open email attachments from unknown / unreliable senders / sources (Example: Emails from CIMB will always end with u/cimb.com
• Don’t write your PIN anywhere which is easily accessible to anyone.
• Never save your card details on your browser.
• Never use easy-to-guess Card PINs such as date of birth.

Financial scam # Type 3: Mule Account Scam
Source: TheStar and PIDM
Prevention [Source: Maybank and ABM]:

• Do not allow your account to be used or handled by any third party or unknown persons.
• Do not share your account bank details i.e. Internet Banking User Name and/or Password, ATM Card, PIN Number or TAC to a third party.
• Do not be tempted by lucrative job offers with involve you handing over your ATM card/online banking details as enforcement action will be taken against you if you are found to be involved

Further news articles:

• Five nabbed for leasing their bank accounts to scammers
• 145 owners of mule accounts detained
• Macau scam targets IPTS students to provide mule accounts

Financial scam # Type 4: Email Scam
Source: Public Bank
Prevention [Source: BNM]

• Use web browsers that are up-to-date with built-in phishing filters.
• DO NOT trust emails, calls or SMS claiming cash wins or refunds and requesting for personal banking information.
• Contact your respective banks or contact the Associations of Banks in Malaysia (ABM) toll-free service called ABMConnect at 1-300-88-9980 when in doubt of the email, SMS or calls.

Image example of email scam 1: Beware of email scam requesting for banking information
Image example of email scam 2: Samples of phishing emails
Financial scam # Type 5: Loan Deferment Scam
Source: AmBank
Modus operandi and prevention [Source: Alliance Bank]

• First, scammers will contact via phones, emails, social media and offer to provide assistance in loan payment deferment application.
• Next, they will provide a URL to bank lookalike application form for customers to fill in personal & banking details
• Finally, request for “processing fee” for loan deferment application. Use the bank’s official channels instead of 3rd party agents to get more details on loan deferment.

SCAM TYPE 8: INHERITANCE SCAM

Source: Malay Mail and PIDM
Modus operandi [Source: scamwatch.gov.au]:

• A scammer may contact you out of the blue to tell you that you can claim a large inheritance from a distant relative or wealthy benefactor. You may be contacted by letter, phone call, text message, email or social networking message.
• The scammer usually poses as a lawyer, banker or other foreign official, and claims that the deceased left no other beneficiaries.
• Sometimes the scammer will say you are legally entitled to claim the inheritance. Alternatively, they might say that an unrelated wealthy person has died without a will, and that you can inherit their fortune through some legal trickery because you share the same last name.
• You will be told that your supposed inheritance is difficult to access due to government regulations, taxes or bank restrictions in the country where the money is held, and that you will need to pay money and provide personal details to claim it.

Red flags/prevention [Source: scamwatch.gov.au]

• May look convincing and use official-looking letterhead and logos, but will usually contain spelling mistakes and grammatical errors.
• Size of the supposed inheritance may be very large, sometimes many millions of dollars.
• You are asked to provide your bank account details, copies of identity documents as verification, and to pay a series of fees, charges or taxes to help release or transfer the money out of the country through your bank.
• Do an internet search using the names, contact details or exact wording of the letteemail to check for any references to a scam – many scams can be identified this way.

SCAM TYPE 9: E-Commerce SCAM

Source: https://www.agelessonline.net/e-commerce-scams-on-the-rise/
Prevention [Source: nasilemaktech] :

• Avoid making purchases on FB, WhatsApp and other social media platforms
• Must have clear description of products
• Beware of fake websites.
• Always check the URL for errors/inconsistencies/poor grammar and look out for accessible contact information.
• Do not believe 100% online reviews and be sure to ask the seller if you have any questions
• For expensive items on Lazada/Shopee, recommended to buy from “Official Stores” which is 100% legit to ensure legitimacy and genuinity of the product.
• For e-commerce platforms such as Lazada/Shopee, red flag if seller requests buyers to contact via WhatsApp in product details and insist on avoiding payment through Lazada and payment made directly to their own account.

SCAM TYPE 10: JOB SCAM

Source: https://www.reddit.com/malaysia/comments/r7sa6v/is_this_a_scam/ by u/magnum361
Prevention and Identifying fake job offers [Source: Randstad]:

• Search for jobs advertised on reputable and legitimate employment websites, such as JobStreet (still have to be cautious)
• Red flag if money is involved and you are asked to transfer money for medical check, work pass application or to attend the job interview
• The company has no website or official/corporate social media account
• You did not apply for the job
• The job is too good to be true and job description is unclear or too short
• Poor use of the English language with multiple typos and grammatical errors in the job advertisement or text messages, or “job offer” that starts with “Hi dear…”
• You found the job posting in a random social media community
• They ask you for your personal information such as your mobile number or ID photo on messaging platforms

Further news articles:

• Ex sales rep loses more than RM165,000 in online job scam
• POS Malaysia urges public to beware of scams and fake jobs that bears its name
• Exclusive syndicates scamming job seekers)

SCAM TYPE 11: SMS/PHONE CALL SCAM

Source: Sinar Harian and PIDM
Prevention [Source: CIMB]:

• Do not respond to SMS or call from unknown person asking for your credit/debit card or online banking details.
• Do not respond to any SMS or call that claiming it's coming from Bank Negara. Their officer will never call you to ask for your credit/debit card or banking particulars.
• If someone claiming to be from your card service provider calls you and asks you to confirm the security numbers on the back of the card (the last three digits on the back of the card), you should end the call immediately.
• Watch out for poor grammar in the SMS.
• Check your transactions regularly.

SCAM TYPE 12: MACAU SCAM

Source: MCMC and Bernama
Prevention:

• If you think a caller is suspicious, or if your caller is constantly pressuring you to disclose personal information,end the call and block the number.
• Do not panic if you receive a call from someone posing as a BNM staff/MACC/court officePOS Malaysia/bank officepolice/LHDN.
• Do not keep to yourself and tell a family member.
• Do not reveal any details about your bank accounts to the caller
• Do not call the number given by the caller who claim to connect you to for instance, BNM staff or an inspector
• Verify with the relevant authorities by calling their official number

Further news articles:

• Woman loses over RM1 million of life savings to Macau scam
• Entrepreneur loses over RM30,000 in Macau scam

SCAM TYPE 13: SHOPEE SCAM

Source: Shopee
Common Shopee scams:
Shopee Scam # Type 1: Job scams

• Scenario 1: A job offer that requires you to pay to get paid
• Scenario 2: The same job scam with an upgrade

How to avoid [Source: Shopee Online Shopping Safety Tips]

• Shopee does not employ any individuals to recruit employees through messaging platforms
• Shopee also confirms that there is no such role as “Online Purchasing Agents”
• Shopee will never request for advance payment or deposits as a requirement to work with them.
• Screenshot conversation as proof when reporting to the authorities

Further news articles: Shopee and Lazada online purchasing agent job offer is a scam
Shopee Scam # Type 2: Stealing personal/bank account details through SMS/phone calls/Fake Seller Centre Scam

• Scenario 1: Scammers steal bank account details via SMS/phone calls
• Scenario 2: Scammers requests for OTP after victim places an order on Shopee
• Scenario 3: Scammer impersonates to be victim's friend on social media
• Scenario 4: Scammers steal seller Shopee account details via SMS/WhatsApp

How to avoid [Source: Shopee Online Shopping Safety Tips]

• Do not call the number stated in the SMS
• Contact respective bank using the contact number stated at the back of your card for any queries
• Do not share OTP with anyone including family and friends and Shopee will never ask for OTP
• Shopee will only contact users/sellers via official channel such as Official FB page or through Shopee app notification.

Shopee Scam # Type 3: Payment Scam

• Scenario 1: Scammer targets users through sponsored posts impersonating to be Shopee
• Scenario 2: Scammer impersonating as Shopee on unofficial channels for campaigns/giveaways
• Scenario 3: Scammers request direct payments out of Shopee via WhatsApp/Line/Wechat
• Scenario 4: Scammers request refund for overpaid orders
• Scenario 5: Scammers pressure victims into making direct bank transfers

How to avoid [Source: Shopee Online Shopping Safety Tips]

• All finance-related activities should be strictly done through Shopee App and Web only, and when in doubt, check with the authorities or Shopee’s customer service

Shopee Scam # Type 4: Shopee unofficial channel/fake Shopee website scams

• Scenario 1: Scammers steal victim's login information via phishing websites
• Scenario 2: Scammers use pop-up ads on websites to gain victim's trust and information using Shopee logo
• Scenario: Scammers attempted to get the victim's personal details via private message on social media

How to avoid [Source: Shopee Online Shopping Safety Tips]

• All announcements for Shopee campaigns or prizes will only be made through official Shopee channels
• Shopee will only reach out to campaign/contests/giveaway winners through official page/Shopee app notification
• All Shopee vouchers will only be distributed through their official channels-Shopee App, Shopee website and official social media accounts only.
• Shopee will only contact users/sellers via official channel such as Official FB page or through Shopee app notification.

Shopee Scam # Type 5: Parcel Scam

• Scenario 1: Scammers contact victim that they might have an unclaimed package via SMS/phone calls
• Scenario 2: Scammers send out a message through social media platforms to inform that victim has won a prize

How to avoid [Source: Shopee Online Shopping Safety Tips]

• Beware of messages/links from unknown individuals asking for OTP/verification codes
• Always keep count on the orders you have really made from Shopee

Shopee Scam # Type 6: Fake Products

• Scenario: Tech-related item scams on Shopee such as USB Drives, SD cards and also external hard drives.

How to avoid (credits to u/PRSXFENG): 1. The seller usually has poor English 2. The ships from address is usually invalid (00000 postcode), so you can't return it for refund. 3. 1TB storage drives are still quite expensive, you're not getting a RM15 1TB USB drive, it's a scam, the drive will show 1TB when plugged in but you'll loose data soon, so compare prices with well known brands. 4. Seller usually give a lot of free gifts 5. Seller usually has a bunch of useless keyword texts thrown in like FREE SHIPPING, FAST SHIPPING 24 HOURS, LOCAL SELLER, TRUSTED, HUGE DISCOUNT 6. Check 1 star reviews for call-outs (eg, h2testw) 7. Disregard Shopee's "authentic product guaranteed", I've seen known scams with that tag (eg, Huawei, Oppo, Vivo and Xiaomi branded microsd cards, they do not exist) 8. Seller name is usually a mash of letters that looks like someone mashed their keyboard.

SCAM TYPE 14: LAZADA SCAM

Lazada Scam # Type 1: Fake Lazada contests and giveaways
Source: [Lazada Singapore]
How the scam works and what you should do [Source: Lazada]:

• Scammers lead you to a phishing site and gain access to your personal details shared.
• Only participate in contests that are officially conducted by Lazada on their official channels

Lazada Scam # Type 2: Job scam
Case Study 1: Purchasing products to “increase traffic and clicks” and promising commission by u/liamkohwil: Thread: “Update: Scamming through Lazada. PLEASE HELP
Case Study 2: Fake Lazada Affiliate Marketing Group by u/roboukiiscool: Thread: “Prevalent Scam to watch out for: Lazada Affiliate Marketing Group
How the scam works by u/roboukiiscool:

1. You help them buy 'products' for them in which they will pay you a small % of commission on (in this case 8%)
2. After purchasing the 'products', you send them a payment slip as evidence of you actually purchasing and they'll supposedly pay you back the original amount of cash you paid for the product AND the commission they promised.
3. It starts from small amounts such as rm 5 rm 25 rm50 rm100 and you get 8% commission for all these transactions, sounds like easy money and they gain your trust already.
4. The higher cost transactions will be around rm500 and this is where they'll start to test how far they can take you, they call this the 'vip lounge' or something cringe, so you thinking you're earning easy commission money through making such sales, you let your guard down.
5. The scammers think they have extracted enough from you then they'll come and give excuses on why they cannot reimburse your cash and commission anymore, late on payment, transaction did not comply etc etc . Basically just ignore and block you after that.
6. You lose high amount of money from the 'product' you were supposed to be reimbursed back. Not to mention, the 'product' probably doesnt even exist so there's that.

Lazada Scam # Type 3: Making transactions outside of Lazada platform
How the scam works and what you should do [Source: Lazada]:

• Scammers block your contact after receiving your payment, with no delivery or refund issued.
• Off-platform transactions are not protected by Lazada, so always buy and transact within the Lazada platform.

What you should do if you are scammed on Lazada (by u/sasa86):

1. Compile all screenshots, especially the part where the 'seller' promises refund
2. Make a police report, claiming fraud
3. Forward a copy of police report and compiled screenshots to Lazada, as the platform strictly prohibits sellers from conducting sales outside the platform
4. Once Lazada confirms receipt of said report, forward it to the 'seller' together with a copy of the police report AND state that you will pursue legal action if the money is not refunded by XX days
5. When making statements to police or Lazada or 'seller', be calm and not be too angry when 'seller' replies to ask you for more time or delay, just shut him off and say sorry, please refund by XX days, then don't say anything more than necessary

SCAM TYPE 15: CAROUSELL

Source: https://www.carousell.com.my/p/scam-be-aware-of-this-people-and-this-kind-of-email-141458605/
How the scam works:

1. Scammers typically insist for conversation to take place on WhatsApp instead of Carousel and once payment is made, they will block you. [Case Study: Has anyone here gotten scammed on carousell before]
2. Scammers claim that they have overpaid and that you need to refund them [Case Study: Beware of this scam]

What you should do:

1. For expensive items, always insist on COD or Carousell Protection
2. If item is too cheap, then it's good to be true and likely a scam.
3. For sellers, recommended not to sell to a user based in another country
4. Check seller or buyer's ratings and go for the lowest star review instead of 5-star
5. Report to police as well as Carousell so they can suspend the seller's account
6. Make offer and wait for it to be accepted so that you can leave a review to warn others

SCAM TYPE 16: HAJJ/UMRAH PACKAGE SCAM

Source: PDRM
Prevention [Source: PDRM]

• Do not fall for cheap Umrah packages, especially those offered on socmed or WhatsApp (ex: RM2000 for haj and umrah which is unrealistic price after permit, accommodation, transport and food costs are taken into consideration).
• Check https://www.motac.gov.my/en/semakan/umrah for a list of licensed and approved travel agencies that offer Umrah packages

What to do if you have been scammed:

• Lodge a police report and also go on https://motac.spab.gov.my/eApps/system/index.do?aplCode=en to lodge a complaint

Further news articles:

• Beware of bogus haj and umrah offers, say police
• Retiree falls prey to umrah scam
• Warning about Haj scams

SCAM TYPE 17: SCRATCH & WIN (used to be rampant but may make a comeback )

Modus operandi [Source: Straitstimes]

1. The scam works like this: The crooks approach the victims and ask them to try their luck with a scratch card.
2. In some cases, victims may receive calls about winning a “contest”. They tell the victims they have won a mystery prize and ask them to go to an office to find out what it is.
3. When they arrive, the con men reveal the "prize", usually cheap electrical goods, such as foot massagers. The victims are offered the chance to win a more substantial prize, and asked to hand over cash in advance to cover bogus costs such as "taxes".

OTHER SCAMS:

• Fake KFC free vouchers
• Fake McD vouchers and gift cards by participating in a survey