- 2 days ago
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00:00By the way guys, before we started rolling, I showed Yasmin an SMS and she said, that's a scam.
00:07Back then it was just Nigerian prints and that was so obvious, right? Nigerian prints, I have 10 million dollars, I just need you to transfer, that's so obvious.
00:13So one day, I got an SMS saying I have some reward points expiring soon and I'm gonna click on the link to check out their catalogue and I was like, okay, if the police is really looking for me and I turn off the phone, they'll come to my house and I think it's fine.
00:26I'm not saying for you to be stingy, but like, you know.
00:32Yeah, I know, I know, I know, I know.
00:39What's up guys, welcome back to The Money Goal, my name is Ymir and I have Yasmin with me again.
00:43I think today we're going to talk about financial scams.
00:46Yeah, we're going to talk about financial scams.
00:47Did you get scammed Yasmin?
00:48No, I did not.
00:49Okay, look, look.
00:51Okay, I touch wood.
00:54There's wood behind here and I will touch it.
00:58I'm not one to fall for them, if you ask me lah.
01:01I feel like, it's so, for me, I feel like it's so obvious when it's a scam.
01:06You get those really dodgy text messages or like emails.
01:11And if there's like a link of any sort, then like, I just don't click it.
01:15That's true.
01:16And like, you know, if I get like a phone call, you know, it's so obvious, like when.
01:21Obviously some, obviously some, for sure.
01:24By the way, guys, before we started rolling, I showed Yasmin SMS and she said, that's a scam.
01:31I've just never received it like that.
01:34But I understand that like scams are getting a lot more, a lot more, what's the word?
01:40Yeah, they're getting more clever.
01:43So that's what I touch wood, you know, like.
01:46Back then, it was just Nigerian prints.
01:48And that was so obvious, right?
01:49Nigerian prints, I have $10 million, I just need you to transfer.
01:51That's so obvious.
01:52But these days, these days are getting smart though.
01:55Yes.
01:55Yeah, it's getting, it's getting a bit scarier lah.
01:57But I guess like, what's your, do you have like a story of, I mean, we kind of talked about it before this.
02:02But like, do you have a story of like ever getting like a suspicious like SMS from CIMB?
02:10So the thing is, by default before this, because I've never seen it before.
02:15Whenever you receive SMSs from those five digit numbers, like 6883 or whatever it is, it usually is always legit.
02:22You think it's legit?
02:23Yeah, because we always get it, right?
02:25And I assume that number means safe.
02:27Okay, I don't know how the telcos assign it.
02:29I don't know who can get access to it.
02:30But I always thought that that's legit.
02:31So one day, I got an SMS saying, I have some reward points expiring soon.
02:37And I'm going to click on the link to check out their catalogue.
02:38And I was like, okay, let me see.
02:41Let me see what I can get.
02:42Flight tickets, you know, maybe luggage.
02:44I don't mind, whatever, right?
02:45I just don't want it to expire.
02:47I clicked on the link and then something felt a bit off.
02:51They actually built the UI of their scam website to be exactly the same as the real one.
02:58But then thank God I realised from the link.
03:00Yeah, so I realised from the link.
03:01And then I was happy that I realised it was a scam.
03:06So I didn't fall for it.
03:07I didn't put any of my credentials.
03:09But I was sad because I realised I don't have reward points.
03:11So it's a bit disappointing.
03:13Yeah, but I think other than this, I've gotten a few as well, which I haven't fallen for.
03:20Honestly, I knew it was a scam because I read about it before.
03:23If I didn't read about it before, I don't know whether I would have fallen for it.
03:27Which one's this?
03:28They call you.
03:29Hello, this is LHDN.
03:31Oh my god, yeah.
03:32I always get the LHDN ones, yeah.
03:34The thing is, I've read stories about it before.
03:36So I knew immediately, like, LHDN, I'm just going to block it.
03:39Block it.
03:39Even if it's legit, I'll just block it.
03:42I'm joking.
03:43I'm joking, LHDN.
03:44No, okay.
03:45Income time.
03:47But yeah, so a lot of the others so far, I think have been quite obvious for me.
03:51But I have stories about my dad.
03:52So my dad's a bit older, in his 70s.
03:54And I think it's very easy for him to fall for these kind of things.
03:58We're not being ageist.
03:59Not at all.
04:00Not at all.
04:01No.
04:01Yeah, but my dad would send me articles of, like, Xi Jinping just announced a new cryptocurrency
04:08that the entire China will use.
04:10And he's like, hey, Ymir, is this legit?
04:12What do you think?
04:12And I was like, not at all.
04:14Yeah, I think, yeah, not at all.
04:17And then he sent me a lot of those.
04:21And at one point, I didn't even click the link anymore.
04:26I looked at the link and I'm like, I didn't even have to open it.
04:28I told him it's a scam.
04:29Just from the link.
04:30So a tip, guys.
04:31Just look at the link.
04:32Yeah, it's quite obvious to see.
04:33But that's the thing.
04:35Scammers are getting a lot cleverer when it comes to even, like, how the link looks like.
04:42Yeah, it can be very cool.
04:43Yeah.
04:44And I think just in general, there's just so many different kinds of scams.
04:47Like, here in Malaysia, there's, yeah, there's, like, your typical, you know, income tax, insurance,
04:53you know, scam calls, or there's, like, your bank, or...
05:00There's still lover scams that people...
05:01Yes, love relationship scams, where you get catfished, basically.
05:07And also, like, phishing as well, which is something that's, like, super dangerous.
05:13Yeah, like, I think, what was it, if they're asking for, like, your details over the phone,
05:18like, you know that, like, they're literally just looking for your information, right?
05:23And a lot of these people, like, pose as, like, as your bank, or, like, whatever, right?
05:29Yep.
05:30Actually, that's another one to add.
05:32So this one...
05:34Okay, I wouldn't say I'm a victim of it, but I'm kind of involved in it.
05:37So because I am a content creator, and I create financial content, right?
05:42There are a lot of people who just try to impersonate my account.
05:46So they would take, like, my username, and then just make some very small change,
05:49and maybe, like, have an underscore somewhere, and then pretend to be me.
05:52Right.
05:52They would go to all my followers, and then just send them DMs, and, like,
05:55hey, how's your trading going, and stuff.
05:58And then they eventually try to tell you to deposit money of them, or send money to them, right?
06:02Right.
06:03So I get a lot of followers who ask me, is this really you? Is this really you?
06:06So I just tell them it's not. Please block and report.
06:08But I know that there is another personal finance content creator as well,
06:13who went to actually make police reports about this,
06:16because her followers have been scammed, I think, close to a million ringgit.
06:20Oh.
06:20Yep, yep, yep, yep. A lot of money. A lot of money.
06:24That's crazy.
06:25Yeah. So there is another type of scam going on these days as well,
06:29which is, I would say, just unfortunate.
06:32I guess people are going to be a bit more aware of things, yeah.
06:35Yeah. I think, like, in general, you shouldn't be so, like, ready and, like, willing to, you know,
06:42like, if you get a phone call, or, like, whatever, or, like, an email, or, like, a text message,
06:46don't dish out, like, your private information.
06:49Yep.
06:50So that would be, like, your IC number, or, like, your address, or, um, what else?
06:55Like, your, yeah, your bank, your bank account number, like, stuff like that.
06:59Like, don't be so, like, ready to give it, just because you're being asked it.
07:04Exactly. Exactly, yeah.
07:05I think one thing, um, about me nowadays is that, okay, in general, in most things, I'm an optimist, right?
07:13I'm pretty optimistic about many things, but whenever it comes to things that sound a bit too good to be true,
07:21I'm very doubtful. I'm very pessimistic about these things because, especially with AI these days and stuff,
07:27whenever I see something that I'm just, I just have a very slight amount of doubt about it,
07:32my first thought is, I think this is a scam.
07:34Yeah.
07:35Yeah.
07:35I think being cautious these days as your first initial response is probably the best way to play it.
07:42Yes.
07:42Yeah.
07:43No, definitely.
07:43Be hesitant.
07:45That's okay.
07:46It's okay to be hesitant.
07:47Exactly.
07:47Like, if you're getting, like, an email that's, like, oh, um, um, get rewarded RM3,000 after you deposit RM300,
07:57like, silly things like that, like, don't fall for it.
08:00Exactly.
08:01Because 99% of the time, it's just, it's just not happening.
08:04Your RM300 is not turning into RM3,000 overnight.
08:07I think, I think on that note, um, one of the easiest ways to spot a scam, uh, financial scams, especially,
08:13is if it's, if it sounds too good to be true, it's probably too good to be true.
08:17Like, it's probably fake.
08:18Yeah.
08:19So if you hear something like, like we said earlier, right, if there's a Nigerian prince going to give you $10 million,
08:24I'm sorry, guys, there's no way, there's no way you're getting $10 million.
08:29I've seen some that's like, hi, I'm Michael Jackson.
08:32I'm actually not dead.
08:33Are you kidding me?
08:34You're kidding.
08:35Yeah, yeah, yeah.
08:36Um, so if you guys see something, because we really play on emotions, right?
08:40Yeah.
08:40I guess some people, if you're in a very tough spot financially, um, you're in a lot of debt, for example,
08:46and you see these kind of things, you might think like, this is my way out.
08:50Yeah.
08:51Right.
08:51And I think that's a sad thing.
08:52It, it works more on people who are vulnerable, who are more desperate for these kind of things.
08:58But there's no, there's no freelancers in the world, guys.
09:01Um, if it sounds too good to be true, no one's giving you free money.
09:05Yeah.
09:05Right.
09:05And to a lesser extent, like Yasmin was saying, if it's not $10 million, these days they're
09:09a bit smarter.
09:09So they don't want to promise the moon and the stars.
09:11But if they tell you something like, hey, I can guarantee you to double your money every
09:14year.
09:15It sounds a bit more realistic, right?
09:17But if you just think about it, ASB is giving 5%.
09:20This guy is promising you 100%.
09:22There's just no way.
09:23There's just no way that that's happening.
09:24Yeah, absolutely.
09:26And also like requests for upfront payment also.
09:29Exactly.
09:29This is a no bueno.
09:31And, um, what's it?
09:33Have you seen, um, the Netflix, um, film?
09:36It's a documentary actually.
09:38It's called, um, I don't know if I'm allowed to say this, but it's called The Tender Swindler.
09:43Okay.
09:43I've heard about it.
09:45You have to watch it.
09:46It's like, honestly, looking at it, I think it's really easy for us to judge because we're
09:51like, we would never fall for that.
09:53But like something interesting that you said was that, um, sometimes it can be something,
09:59it can be emotional, right?
10:00Yep.
10:01Um, you either get rushed into a decision in which case you feel a sense of like, oh, shoot,
10:06if I don't, you know, deposit the money now, then like, I'm going to lose everything
10:09and blah, blah, blah, blah, blah.
10:10Yep.
10:10So that's fear.
10:11Um, in this like, catfish sort of situations, it's obviously out of love.
10:17Love, yeah.
10:17Um, so yeah, you gotta like, make sure that you're keeping yourself in check, I suppose,
10:23like when you see like these, these kind of things.
10:25Yep.
10:25And, um, you have to watch that Netflix show, honestly.
10:29I'll watch it.
10:29Be more aware.
10:30Yes, because, because from the outside, I mean, us as like viewers, like, especially when
10:35I was watching it, I remember thinking like, there's like, how could this, how could
10:39this woman possibly fall for this?
10:43Because this is crazy.
10:44Not like, I would never fall for this in a million years.
10:47Yeah.
10:48But I think she was like talking to him for like a couple of years or like whatever.
10:52And, um, and he was just showering her with a lot of love.
10:56And then he started asking for money.
10:57So obviously she was like, well, I love this guy.
10:59Okay, so just give it lah.
11:01So why wouldn't I give him the money?
11:03Yeah.
11:04But, um, I guess moving on from that then, like, how do you protect yourself?
11:08Like I said, I'm always very cautious.
11:09Yeah.
11:10I think first thing is I'm very cautious about anything that sounds good.
11:14Yeah.
11:15Turns out reward points were just a bit too tempting.
11:17Yeah.
11:17I had to click it.
11:18Um, and another thing is whenever I get calls about, um, I think they always pretend to
11:25be either government agencies or things like post-large jump.
11:29Have you had like post-large jump?
11:30Yeah.
11:31Yes.
11:31To me, it's so obvious lah.
11:32But I guess some people do fall for it.
11:34Yeah.
11:34Um, a lot of people fall for this because they're scared as well.
11:37They get rattled.
11:38You know, they really speak very harshly to you.
11:41Yeah.
11:41Um, so whenever I get these calls from like, they say they're police or they're LHDN.
11:44I'll just turn off the phone.
11:45Yeah.
11:45I'll just turn it off.
11:46Um, my thought process is if the police is really looking for me and I turn off the phone,
11:54they'll come to my house.
11:54And I think it's fine.
11:55I would rather that than I potentially fall for a scam.
11:58Again, it's just being cautious.
12:00Yeah.
12:00Right.
12:00I would rather hang up with the police and, you know, the guy on the other side of the
12:04phone gets pissed at me than potentially falling for a scam.
12:07Yeah.
12:07Yeah.
12:08Yeah.
12:08Yeah.
12:08And I think the most important part is also like educating your family.
12:12Yeah.
12:12Um, like, and again, we're not trying to be like ageist.
12:16But like, we're not trying, we're not being ageist at all.
12:21Right.
12:21Disclaimer.
12:22However, um, obviously when you hear stories of like, um, people getting scammed, it tends
12:28to be people's like old folks, right?
12:30Um, their parents or their grandparents even.
12:33And this is not, I'm not blaming them.
12:36It's, it's to no fault of their own.
12:39Um, but I think it's also because, um, maybe during their time, like when they were younger,
12:45it's just like a different scam generation, I suppose.
12:48It's like people were scamming differently.
12:50And now we're obviously a lot more literate when it comes to, um, uh, anything digital
12:56related.
12:57So of course people our age, we can spot it a lot quicker, a lot easier.
13:02So sometimes you feel like, oh, like we would never, we would never fall for that kind of
13:07stuff.
13:07But, you know, our parents and our grandparents, like we don't, we, we can't.
13:11It's a lot harder for them.
13:12Yeah.
13:12We can't expect them to, to see it the same way that we do.
13:15So I think just.
13:17Keep an eye out on them.
13:18Yeah.
13:18Like if your grandma sends you something that looks a bit dodgy, then just be like, grandma,
13:24let me lay it down.
13:25Let me break it down for you.
13:27Grandma, this is why this is a scam.
13:29But, um, yeah, moving on from that, I guess I have a few stories for you.
13:33Okay.
13:33But actually before that, real quick, right.
13:35Um, speaking about your, your story about the, that documentary about how people feel
13:40so emotionally invested when they're giving the money.
13:42I think one very common scam that a lot of people fall for is they ask you for a bit
13:48of money first.
13:49Yeah.
13:50And then they ask for more later on.
13:51Yeah.
13:51So let's say they give me 500 ringgit now and I'll give you a thousand bucks.
13:54And then you give them 500 ringgit and you're like, oh, sorry, I just need a bit more
13:57and then I can release it to you.
13:58So a lot of people fall for this thing.
14:00They call it sunk cost fallacy.
14:02Oh.
14:02Like I said, just search it as a psychology thing.
14:04Right.
14:04Where you feel like, because I'm already committed to it, I'm going to go all in.
14:08Oh.
14:09Right.
14:09Because I'm already sinking.
14:10I'm just going to go all in.
14:11Okay.
14:12Right.
14:12And you, and you can't pull yourself out because I feel like if I gave you 500 ringgit and then
14:17I admit there's a scam, I just lost 500.
14:19So I'm just going to, I'm just going to climb up and keep going and really hope.
14:22I want to believe that this is real.
14:24Right.
14:24And it's probably the same with the dating thing.
14:26Right.
14:26I want to believe that you're not scamming me.
14:28So I'm just going to keep giving you money.
14:30Yeah.
14:30So I think sometimes you've got to try, I know it's difficult, right?
14:33Because you're so invested into it already.
14:35You've got to try to remove yourself from the situation and just think, you know, it's
14:39better for you to lose 500 than 1,000 or 2,000 or 2,000, whatever it is, right?
14:45Yeah.
14:45So yeah, I think that's one thing that a lot of people need to be a bit more cautious of.
14:48Yes, yes, yes, yes.
14:50Alrighty.
14:50Okay.
14:51So first story.
14:52Okay.
14:53My colleague met someone on a dating app.
14:55After months of sweet talk, the guy said his business was stuck and he needed a loan.
15:00Puff Lux.
15:01She trusted him and transferred 20,000 ringgit, her entire savings.
15:04Okay.
15:05She loves him, right?
15:06The guy vanished.
15:08When she finally reported, the police told her, you're not the first and sadly you won't
15:12be the last.
15:13Okay.
15:13What financial safety steps can you take before transferring money to anyone, even someone
15:17you think you trust?
15:19Ooh, this is tough.
15:20I feel like it's more of a relationship advice.
15:23Do you guys have a relationship podcast?
15:24Relationship.
15:24I mean, yeah, we do have a relationship podcast.
15:26But honestly, I think the truth is, it doesn't, for some people, it doesn't even stop it, just
15:31like your partner, right?
15:33Sometimes family members do this too.
15:34Yeah, for sure.
15:36And it's really shameless.
15:37It's really horrible.
15:38But I think that's why you, I'm not saying to be, what's the word?
15:47Selfish.
15:47Not selfish, but like stingy.
15:50Okay.
15:50I'm not saying, I'm not saying for you to be stingy, but like, you know.
15:56Yeah.
15:57I'm very similar to you.
16:00Yeah.
16:00Um, I don't know if this person has met the guy before.
16:04I'll just give relationship advice.
16:06I'm not, I'm not, I'm not.
16:07It's a dating app, dating app relationship.
16:09Yeah.
16:09Okay.
16:09But if you've never met the guy, come on.
16:12Come on.
16:13Yeah.
16:14What are you guys doing?
16:15And then, like you said, family members, it could be someone who you have met before
16:20or someone that you're close to.
16:21So, if someone asks you to borrow money, to me, only give it if you are willing to accept
16:29that you will never get it back.
16:31Right?
16:32Yeah.
16:32I think if you go in with that intention, like if you really are close to someone and
16:37they're asking you for 5,000 ringgit and you have that to burn, right?
16:41Even though they say they'll pay you back, only give it if you're ready to accept that
16:44it might not come back.
16:45And you do that.
16:46If they don't pay it back, fine.
16:48I accepted it.
16:49I knew that it might not happen.
16:50If they pay it back, perfect.
16:51But don't give money from your savings to buy a car or a house or something like that.
16:57And then the person can't pay it back and then, you know, it becomes a whole thing.
17:00Yeah.
17:00So, I'm actually an advocate for being more selfless, actually.
17:04With regards to your finances, you always got to prioritize yourself.
17:07Yeah.
17:08Yeah.
17:08No, I totally agree.
17:10I also don't, I don't believe in like loans.
17:14As in loaning, as in from me to like another person.
17:17If you're going to pay me back, you got to pay me back within like the day or if not the week.
17:25Otherwise, I'm probably not going to.
17:28Because like usually, I mean, people have like asked for little favors here and there.
17:33Um, and I help, but I don't help like thinking like, okay, in two weeks time, maybe they'll be able to like pay me back.
17:40I don't.
17:41I just give.
17:42If I'm, if I'm willing to give, then that's just me.
17:46Yeah.
17:46Being like, okay, I give it.
17:47It's a gift.
17:48If I don't see that money, that's cool as well.
17:50Um, so yeah, so just be careful.
17:53I think that's the way.
17:53Yeah.
17:54I need to ask people for my money back as well.
17:56I don't really like, hey, do you have my money?
17:57Yeah.
17:58I don't, yeah.
17:58I don't really do it.
17:59That's why.
17:59Yeah.
18:01I'd rather just not lend it.
18:02But anyway, yeah, if you guys are the ones borrowing the money, pay back your friends, guys.
18:05Come on.
18:06Yeah.
18:06Yeah, exactly.
18:07Okay.
18:08And last story.
18:08Um, one evening I got a call from someone claiming to be from my bank.
18:13They said there were suspicious transactions on my account and asked me to verify my details.
18:18Yeah.
18:18The caller ID even showed the bank's number.
18:21Panicked, I gave my IC and some personal info.
18:23Two hours later, 5,000 ringgit disappeared from my savings account.
18:26That day, I learned no bank will ever ask for your full details over the phone.
18:30Correct.
18:31Correct.
18:31Yep.
18:32What's the safest way to handle suspicious calls or messages about your bank account?
18:36Turn off the phone.
18:37Yep.
18:37Yep.
18:37Yep.
18:37Yep.
18:37I think.
18:38Lock.
18:38Yeah, just turn it off.
18:39I've gotten calls as well, um, separate one, where they say, hello, this is DG, which is
18:43my telco that I'm using right now.
18:45And they say, you're going to lose your phone number.
18:46Um, do you still want to keep your number?
18:49The guy literally asked me, do you still want to keep your number?
18:51I'm MCMC.
18:52And I was like, no, I don't know.
18:53No, no.
18:54Take my number.
18:54I think the best advice, guys, just err on the side of caution.
18:57Right?
18:58Again, maybe there are really suspicious transactions.
19:02I think banks don't do it via call anyway.
19:04Most of the times, they would send you an email or they would send you a letter.
19:06Um, but always err on the side of caution.
19:09Again, I would rather lose my phone number, like, seriously lose my phone number than fall
19:14for a scam.
19:15Yeah.
19:15And again, maybe there are suspicious transactions, transactions, turn off the phone, right?
19:19And the call first, look for your bank's phone number online, like their real phone
19:23number, and then call them and ask for real.
19:24Yeah.
19:25I think that's the best way.
19:26Yeah.
19:26No, I totally agree.
19:27Yeah.
19:27Okay.
19:28Honestly, just like, just be cautious.
19:31Yeah.
19:32Be cautious, right?
19:33Yeah, I don't want to say we wouldn't fall for it, because, you know, it can get smarter
19:37and smarter.
19:38Yeah, that's true.
19:39So I think, I know we've talked a lot about how mostly older people fall for it just because
19:43they're a bit less tech-savvy, but I guess even if you guys are younger, just be cautious,
19:46because they can get better and better.
19:49Yeah.
19:49And we might not even realize it.
19:50So I think whoever you are, whatever your age is, just always be cautious about these
19:53things.
19:54Correct.
19:54Yeah.
19:54I agree.
19:55I agree with everything that you said.
19:56Cool.
19:57This is the Financial Scam Prevention Talk.
19:59Yes.
20:00Brought to you by myself and Yasmin.
20:02Yeah.
20:02Hope you guys enjoyed this one, and see you in the next one.
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