Malaysian Retiree Falls Victim to TikTok Investment Scam, Loses Over RM300K

A 66-year-old retiree in Malaysia has fallen victim to a bogus stock investment scheme promoted on TikTok, losing more than RM311,000 to fraudsters. The scammer directed the woman to download an investment application linked to the scheme, leading her to transfer her savings across 16 separate transactions into six different bank accounts between January 5 and earlier last week.

Suspicions arose when the investment app became inaccessible, and the woman was subsequently asked to make additional payments, purportedly to release banking risk controls.

The victim has filed a police report, with the case being investigated.

This incident highlights the growing threat of fraudulent online trading schemes and the importance of verifying investment opportunities before engaging with unfamiliar platforms.