The sum, according to the State of Scam Report 2024 by the Global Anti-Scam Alliance (Gasa) represented 3% of the country’s gross domestic product.
“This underscores the urgent need for stronger countermeasures,” it said in a statement.
The rise of artificial intelligence(AI)-powered scams, the report stated, was “particularly troubling”, noting that some 25% of 1,202 Malaysians surveyed expressed uncertainty about whether AI was involved in the scams they encountered.
Gasa said such a low level of awareness left Malaysians vulnerable to more sophisticated scams that exploited advanced technology to deceive victims, including the use of deepfake videos and voice imitation which made it harder for consumers to discern.
The report also revealed that investment scams were the most common type of scam in Malaysia, with identity theft and shopping scams coming in second and third respectively.
“As a result of these experiences, 63% of Malaysians reported decreased trust in online platforms and digital transactions.”
The report also noted that 70% of scam victims did not report their cases to the authorities, which is a 5% drop from the previous year.
Still, the percentage highlighted the growing scepticism regarding the effectiveness of reporting processes, it said.
Gasa went on to say that scams have become a “daily concern” for many Malaysians.
The report found that 74% of respondents encountered scams at least once a month, with 43% noting an increase in scam attempts over the past year.
It also noted that these scammers would try to cheat victims via phone calls, instant messaging apps and social media platforms such as WhatsApp, Telegram and Facebook, where scammers have become increasingly active. Notably, text and SMS scams have surged by 8% compared to 2023, it said.
“The emotional toll on victims is profound, with 57% reporting a strong emotional impact due to their experiences,” Gasa observed, adding that the distress was compounded by financial losses.
It also said the average loss per victim was reported to be US$2,726, with only 2% managing to fully recover their funds — a sharp decline from the previous year’s 8%.
The report was conducted in collaboration with anti-scam app developer Whoscall and ScamAdviser, a website that helps detect scams.