The 'Old Coin Collectors' On Your Social Media Are Actually Trying To Steal Your Money
"Hi, I am an old coin collector. DM pls."
In recent months, scammers have been posing as 'old coin collectors' and offering money on Facebook and Instagram accounts
In a Facebook post in October 2018, the Royal Malaysia Police (PDRM) warned the public of 'coin buyers' who trick people into transferring their old notes and coins in exchange for money.
Here's how the scam works:
1. First, the 'coin collectors' will offer to buy your old coins and notes on your social media accounts such as Facebook and Instagram
Image via SAYS
2. If you respond to the messages, the 'collectors' will then offer to pay you a high price for the 'old money'
The offers made can sometimes go up to 10 times the price.
3. If you agree, you will be asked for your bank account details so that the payment can be transferred to you online or through telegraphic transfer
You will then be told that the money has been transferred to you, but that your account has been blocked.
4. Another person posing as someone from Bank Negara or Malaysian Customs will then contact you and say that you have committed a crime and are required to pay a huge fine
You will be asked to pay for the fine, tax, insurance, and so on.
If you have fallen for this scam, it is advised that you immediately lodge a police report.
Image via Bank Negara Malaysia
If you still want to sell your old coins online, it is advised that you take caution
As with most online sale exchanges, a level of risk is imminent.
A Quora user advises that one way to check the legitimacy of whoever you're dealing with is to gauge how they speak to you.
"If they don't ask lots of questions of you, my advice is don't deal with them," he writes.
Here's how to check the value of your old coins and banknotes:
Meanwhile, check out how Malaysian banknotes have changed over the decades:
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