Scammers aren’t just targeting the wealthy; they’re targeting everyday Malaysians. Whether you’re a student juggling education loans such as PTPTN, a working parent trying to stretch every ringgit, or a small business owner recovering from a tough year, you’re a potential target. And it’s happening more often than you think. 

In 2024 alone, Malaysians lost over RM54.02 billion to scams. Behind this massive figure are real people: retirees who lost their life savings, jobseekers lured into fake “debt help” schemes, and families tricked into paying for financial aid that never existed. 

What’s most alarming? Many of these scams pose as legitimate services, charging fees for things that should be completely free, such as loan restructuring or financial counselling. Scammers have become smarter, more convincing, and faster at gaining your trust.

How Are Scammers Stealing From Malaysians?

These schemes aren’t always obvious. In fact, many are designed to look helpful at first and that’s what makes them dangerous. Here are some of the most common tactics fraudsters use: 

• Impersonating Government Agencies, Banks, Or Licensed Financial Counsellors 

Scammers pretend to represent legitimate organisations, complete with fake badges, email addresses, and convincing phone scripts. 

• Charging Fees For Services That Should Be Free

Victims are told they can settle loans, restructure debts, or clear PTPTN records — but only after paying a fee. These are services that should be free when provided by real agencies. 

• Fake “Agents” Claiming To Represent Institutions Like AKPK 

Individuals offer to help clients apply for debt management programmes, charging for access or promising faster approval. 

• Unsolicited Messages With Urgent Warnings 

Calls, texts or social media DMs might tell you that you’re in trouble. Whether it’s for missed payments or pending legal action, these messages often pressure you to “act fast”.

• Requests For Personal Details 

Scammers often ask for your IC number, bank account info, or even online banking credentials to “process your case”. These are signs of identity theft in progress.

Stay Alert When Dealing With Unsolicited Offers 

If someone you don’t know contacts you offering financial help, whether by phone, text, or social media, it is crucial to pause and carefully assess the situation before responding. Scammers often create a false sense of urgency or pressure you into making quick decisions, but legitimate financial counselling and debt management services will never ask for upfront fees. 

Always verify the identity of the person or organisation contacting you. The safest way to do this is by calling official helplines or visiting verified websites. Avoid relying on phone numbers, email addresses, or links provided in unsolicited messages, as scammers can easily fake these details to appear trustworthy. 

Be wary of anyone who tries to rush you into making payments or sharing personal information. Genuine institutions understand that financial decisions require time and careful consideration, so they allow you space to consult trusted advisers and review your options. 

Protect your personal data at all costs. Do not disclose your NRIC number, bank details, passwords, or any other sensitive information unless you are absolutely certain the request is legitimate and from a verified source. Additionally, watch out for requests to pay fees for services like loan restructuring or financial counselling, which should always be free when offered by official agencies. 

If an offer sounds too good to be true or the communication feels suspicious, trust your instincts and do not hesitate to walk away. Instead, seek advice from trusted sources to ensure your financial safety. Turning to official, transparent institutions is the best way to protect yourself from scams and receive genuine support.

Beware Of Upfront Fees!

One of the most critical red flags to watch for when seeking financial assistance for debt or loan repayment is the demand for upfront payments. Unfortunately, scammers often prey on people who are in urgent need of help, requiring a deposit—often disguised as a “processing fee” or a “guarantee”—in exchange for promised debt relief or loan approval that never materialises. 

For example, imagine you’re overwhelmed with mounting debt. One evening, while browsing social media, you come across an ad promising quick debt consolidation with “guaranteed approval.” Desperate for a solution, you reach out to the so-called “agent,” who explains that in order to secure your new, lower monthly repayment plan, a deposit of several hundred ringgit is required upfront to cover administrative costs and expedite the process. Hoping for financial relief, you reluctantly agree to pay. 

Then, silence.

Days turn into weeks. Your calls and messages go unanswered. The “agent” vanishes—taking your money with them—and you’re left with no solution, less money, and the same overwhelming debt. 

This scenario is all too common. Scammers prey on vulnerability and urgency, offering too-good-to-be-true solutions when individuals are least able to critically evaluate the legitimacy of such offers. By creating a false sense of urgency, they increase the chances of victims making rash decisions.

Turn To Trusted Institutions Like AKPK 

This is why it’s crucial to seek assistance only from legitimate institutions that follow strict protocols and offer transparent services.

One such institution is the Agensi Kaunseling dan Pengurusan Kredit (AKPK), a government agency under Bank Negara Malaysia dedicated to helping individuals and small businesses manage financial challenges at no cost. These organisations follow strict protocols to keep your personal information secure and provide services you can rely on.

AKPK offers a range of free support services, including: 

• Financial Advisory: One-on-one sessions with trained counsellors to help you understand your financial situation and plan your next steps. 
• Debt Management Programmes (DMP): Assistance in restructuring loans/financing and negotiating affordable repayment plans with your creditors. 
• Financial Education: Workshops, tools and guidance to help you make informed decisions and build long-term money management skills. 

Importantly, AKPK does not work with third-party agents and never charges any fees. All services are provided directly by AKPK, ensuring transparency and protection for anyone seeking help. 

Stay Smart, Stay Safe, And Speak Up

Scams thrive on stress, urgency, and misplaced trust. But you can take control by staying informed, questioning unsolicited offers, and turning only to trusted institutions like AKPK for financial support. 

If you or someone you know is being targeted, report it immediately by calling the National Scam Response Centre (NSRC) at 997. Acting early doesn’t just protect you, it helps prevent others from falling into the same trap. 

Your money is hard-earned. Keep it safe by staying alert, staying cautious, and always choosing the right sources for help. 

For more information or to access financial support, visit AKPK’s official website.

• TAGS:
• National Scam Response Centre (NSRC)
• NSRC
• Scams