Online scams have cost Malaysians RM5.37 billion since 2024, and investment fraud is the biggest chunk.

Stampin MP Chong Chieng Jen said the figure came from a written parliamentary reply by the Home Affairs Ministry.

The number covers losses from 2024 up to May 2026. Investment scams alone made up RM2.68 billion, or 49.9% of the total.

What the numbers show

• Investment scams: RM2.68 billion
• Telecommunication fraud: RM1.54 billion
• Electronic financial crimes: RM660.64 million
• E-commerce scams: RM250.81 million
• Loan scams: RM138.92 million
• Love scams: RM111.08 million

Chong said the losses average about RM2.2 billion a year. He also warned that many victims are ordinary people, including retirees who lost their savings.

What he is asking for

He urged the public to be more careful with online investments and ads, and to verify with banks or people who understand digital safety before moving money.

He also repeated his proposal for stronger bank safeguards, including fingerprint and MyKad readers for ATM withdrawals, alerts for unusually frequent withdrawals, and tougher rules on banks if mule accounts are allowed to operate.

Location: Kuching / Malaysia
Details: RM5.37 billion in scam losses from 2024 to May 2026, based on a Home Affairs Ministry parliamentary reply cited by Stampin MP Chong Chieng Jen.

Source: The Borneo Post

Online investment ads still everywhere. What do you think banks should do next?