DESPITE frequent police warnings for the public to remain vigilant against financial scams, love scams, and Macau scams, victims continue to lose their life savings to fraudsters.
Is it true that scammers are now using vending machines as part of their latest modus operandi to entice victims in return for high monthly yields?
Verdict:
TRUE
The Finance Ministry has issued a warning on vending machine investment scams that promise lucrative monthly returns.
“The modus operandi of the scammers involves promising high monthly returns to individuals through the purchase of a vending machine.
“The scammer would recommend a location and guarantee full servicing.
“However after payment, the scammer would give various reasons to delay monthly payments and finally cease all communication," it said in a Facebook post.
The ministry advised the public to always be cautious and conduct thorough research before joining any investment schemes.
“If in doubt, consult Bank Negara for information,” it added.
In June, it was reported that people suffered losses of over RM5.3mil due to vending machine scams since 2023 where 57 police reports have been lodged.
The Malaysian International Humanitarian Organisation alleged that a company working with a famous foundation was behind the vending scam that caused losses of RM1.8mil to one of the victims.
