Malaysians Lose US$12.8 Bln To Scams In A Year, Equivalent To Three Pct Of Nation’s GDP
KUALA LUMPUR, Malaysians have lost a total of US$12.8 billion (RM54 billion) to scams in a year, representing three per cent of the country’s gross domestic product, said trust tech company Gogolook. In a joint statement today, according to the State of Scam Report 2024, it said 70 per cent of scam victims did not report their cases to the authorities, representing a five per cent drop from the previous year. ‘This highlights the growing skepticism regarding the effectiveness of reporting processes. From those surveyed, 32 per cent of the respondents have experienced loss of money from scams,’ it said.