M'sians Are Paying Up To RM10 'Redemption Fee' To Convert RM100 eMADANI Credits To Cash
The Ministry of Finance (MOF) has warned members of the public from using any cash-out services to prevent falling victim to scams.
By Yap Wan Xiang — 05 Dec 2023, 05:42 PM
Malaysians are reportedly paying up to RM10 to convert their RM100 eMADANI credits into money in their bank accounts, a practice cautioned against by the Ministry of Finance (MOF)
According to Berita Harian, social media users have begun offering cash-out or peer-to-peer services for eMADANI credits on Facebook, X (formerly Twitter), WhatsApp, and Telegram.
A simple search on Telegram using the term 'eMADANI' yields various channel results, including those titled 'Claim eMADANI RM100' and 'Redeem eMADANI RM100.'
Although some netizens tried to warn other Malaysians to not use such services, these service providers assured that they are not scammers and claim to be business owners who have physical stores.
Harian Metro reported that one such service provider collects a 'redemption fee' of RM10, explaining that, "That's the process because Touch 'n Go (TNG) eWallet also charges the shop owners for each transaction."
"I am offering an eMADANI redemption service. 100% reliable with many successful withdrawals. Most importantly, it's not a scam. There is no charge, it depends on how much you give," read a Facebook post
Meanwhile, there are other users on Facebook who offer the same service with a fee as low as RM2 to RM5.
Some service providers even ask their prospective customers to fill up a Google Form and make transfers by scanning a QR code.
"Scan the QR code and then enter the amount of money you want to transfer. Take a screenshot of the receipt as proof of the transaction. The service charge is RM2 and we will transfer RMM98 into your bank account," read a post.
On Monday, 4 December, MOF warned the public to avoid using cash-out or peer-to-peer transfer services to prevent falling victim to scams
"MOF will not be responsible if there is any loss of credits as a result of 'peer-to-peer' transfers or cash-out redemptions.
"In the meantime, the government will implement strict measures, such as blocking accounts, in response to reports of fraud cases involving 'peer-to-peer' transfers or cash-out redemptions that deprive eMADANI recipients of their credits," the ministry said.
