KUALA LUMPUR: Over RM5.3 million was lost by victims in non-existent loan scams in just two months this year.
Federal police commercial crimes investigations department (CCID) director Commissioner Datuk Kamarudin Md Din (pix) said today that between January and February police received 563 reports from victims involving the sum.
He said although there was a declining trend in non-existent loan scams, it continues to occur and is the white-collar crime most reported to police.
Kamarudin said in 2010, 5,723 cases amounting to more than RM60 million in losses were reported while in 2020 there were 4,788 cases with losses of over RM50 million.
He said between 2020 and this year, police arrested 6,820 people who were involved in the scam.
“From studies we have conducted, the tactics of the scammers have not changed much. They advertise loan offers with low interest rates and hassle-free approval to lure victims. Those who fall for the scam are asked to make payments purportedly for fees related to the agreement, legal matters, insurance, account activation and many others before the so-called loan sum is disbursed. However, after the victim pays up, they would never receive the loan sum.” Kamarudin said.
He said awareness is the key to prevent being cheated and urged the public to take precautionary steps to ensure they do not fall victim to the scammers.
