The Dark Side Of AI, Deepfakes, Voice Clonings, And Fake Videos Are Powering The Next Wave Of Investment Scams In Malaysia
If Malaysians could earn a 15% Return on Investments (ROI) even when they’re asleep, Malaysia would definitely be full of rich towkays and tai tai aunties now. Like, who wouldn’t want endless passive income, without feeling the side hustle burnout or the need to work overtime?
Our rent or mortgage is becoming more expensive, petrol lagi, and then even a basic meal of economy rice costs up to RM12.00 today! No wonder lah a lot of fresh Malaysian graduates and young Malaysian professionals are always looking for new ways to earn extra income.
With today’s economy, siapa je doesn’t want to earn extra income? But if it sounds too good to be true, confirm it’s very, very sus one eh!
Back in the days, and even now, passive income was generated from credible long-term investments, such as Amanah Saham Bumiputera (ASB), Employees’ Provident Fund (EPF) dividends, rental revenues, or even saving slowly.
Now, with the global rise and development of artificial intelligence (AI) for various purposes, AI has become increasingly advanced, including the ability to “generate personal investments”. A lot of AI “auto trading or mining” platforms claim that you could be rich in no time, with help from a few friends. OF COURSE IT’S LIKE THAT (sarcasm).
But wait… Macam kenal je ni? It’s similar to the old Multilevel Marketing (MLM) scheme, but with AI!
We’ve seen, heard and maybe experienced enough scams in Malaysia.
Indeed, we have. When I was still in sekolah rendah or sekolah menengah, I’ve heard the infamous downfall of some skim cepat kaya, such as the JJ Poor To Rich (JJPTR) money game, BitKingdom’s bitcoin and cryptocurrency mining and Forex Trading… being Forex Trading.
Different years, but the same old storyline.
In today’s version, it still gives the same significant negative impact, with the addition of “AI” to make it appear more trustworthy.
According to a BERNAMA report, the Royal Malaysia Police (PDRM) said Malaysians lost a total of RM1.57 billion to online fraud and scam cases in 2024. Not only that, but within the first half of 2025, the Bukit Aman Commercial Crime Investigation Department reported another RM750 million in losses from 4,368 reported scam cases, according to New Straits Times.
Imagine the ones that were not reported!
With AI, the scam still employs classic business models, similar to previous MLM or Ponzi schemes, but with an added technological upgrade.
You may be wondering… “What is an AI scam and how is it used in Malaysia?”
Well, I’m sure you’ve read, heard and/or seen these before:
- An unknown makcik on Facebook worshipping investment bots, claiming “This AI bot changed my life overnight”.
- A random abang proudly flexes his 2-door car while thanking the AI bot. Tahu tahu, he actually rented it just for that particular reel.
- A young-looking, familiar Gen-Z internet superstar saying, “I made RM3,000 in just one week thanks to AI!”
- And the worst of it all: A deepfake promotional video featuring public figures, prominent VIPs and politicians recommending you to join some get-rich-quick money schemes that you should not miss out on.
Do these sound familiar to you? All of these fake “success stories” are happening more prominently than ever and are even easier to create now, thanks to the advancement of AI.
So, how do these AI scams affect us in this day and age?
Try to picture this: Ever seen those AI-generated memes or videos of your favourite celebrities randomly joining WWE’s SmackDown or even a dog lifting weights in the gym? That’s how wild AI can be.
Now, what if that same technology is applied to YOUR money? Imagine how scary it can be in the wrong hands.
It’s already happening. Scammers are now skilled enough to use AI technology to catfish vulnerable individuals just like you and me to join their pyramid scheme.
Earlier in 2025, The Star Online reported that the Bukit Aman Commercial Crime Investigation Department detected five deepfake videos misusing Prime Minister Datuk Seri Anwar Ibrahim, US President Donald Trump, Tesla’s CEO Elon Musk, and a member of the Malaysian Parliament, Teresa Kok, to invest in various ponzi schemes that guarantee big, crazy returns.
It doesn’t stop there. Some scammers even use voice cloning via AI to mimic the exact voices of your family members, friends and even big corporations to trick you into transferring money. The Rakyat Post and MalayMail reported that a woman in Selangor was tricked into transferring a massive amount of money in 2025. She believed the caller was her boss, who asked her to complete some transactions. Hesitant, she does as instructed. Turns out, it was indeed an AI-driven scam.
Even Tim Tiah, an Ernst & Young Emerging Entrepreneur of the Year and social media influencer, became a victim of these AI fraudsters. He recently shared his shocking experience of how scammers are using his face and voice to promote a scammy ad.
And people believed it, because it seemed too real.
That’s why people should be even more careful these days, especially when it comes to their finances. The moment they ask you to “invest (insert money here) today to achieve a better lifestyle you deserve” or “invite two of your besties to give you better returns”, that’s when you know…
Korang, lari jauh-jauh woi! JANGAN PANDANG BELAKANG!
In all seriousness, we ALREADY know it’s a pyramid scam, but why do we STILL FALL for it?
Let me be real here, real quick. It’s not because Malaysians are gullible, but rather because life is extremely expensive.
Whether you’re earning RM1,800.00 or RM6,000.00, a big chunk of it goes to your commitments, and anything can be tempting if it offers a shortcut. Plus, with the overconsumption of social media in this day and age, it’s easy to feel the FOMO when we’re online, especially when we see posts that say “earn money with AI even when you sleep” or promises passive incomes, and suddenly, the word scepticism isn’t even in our heads anymore.
And that’s how the scammers get you. They know and can see through your financial stress and the fear-of-missing-out behaviour, without even meeting you. That’s how they get you to buy into the hopes and dreams of a life of “financial freedom”, without requiring any of your effort or time.
In reality, the only thing that grows fast here is the number of victims of these online scams, the scammer’s bank account balance and not yours, oh and also your regret.
But if you really need to use AI for investment… You actually can!
Use it correctly and carefully to improve your financial habits and life, without being swayed away by empty promises such as the “make RM5,000 while you tidur” scammy ads.
AI can be your helpful sidekick to enhance your financial knowledge and financial literacy. It’s essentially useful for:
- Helping you understand complex financial terms and jargon.
- Analyse your budget, so you can find out when and where you spend on that favourite matcha latte… and other things too!
- Understand investments from credible banking sources.
- Comparing various financial products, such as insurance and credit cards.
- Spot various red flags of AI-powered scams in Malaysia.
- Or even run you through possible simulations on how you can achieve some of your financial goals!
These are some of the safest ways to use AI regarding your finances.
Always remember, before investing in any AI-powered opportunity, double-check what you’re signing up for.
And when you are finally confident to start investing, even if it’s just a single sen, make sure to:
- Learn more about Financial Fraud Alerts, as showcased by Bank Negara Malaysia.
- Be aware of these unauthorised entities and individuals through the Investor Alert List.
- Lastly, use this link to verify whether the investment platform or source is actually licensed by Bank Negara Malaysia or the Securities Commission of Malaysia. If it isn’t… RUN!
Because if it’s really so, so senang to become kaya, why in the world would you want to bring five other friends to earn your first ROI?
However, when you are finally confident to start growing your finances, there are legit, credible, and regulated platforms to get started. Apps like Webull let you begin investing with as low as RM1, which is way safer than flashy AI-powered investment gimmicks.
If you’re unsure where to start, visit iMoney to compare investment apps and their respective features to get a clearer picture of what works best for you. When you know your options, it will be easier to make a smart, strategic financial move.
