Online scams escalating amid socio-economic hardship in Myanmar
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Khit/Thuta Kyaw (NP News) - July 17
Reports state that online scams are taking advantage of the public's difficulties to advance their scams, trying to deceive more cleverly in various ways.
It has been observed that these online scammers are increasingly targeting people through sophisticated schemes involving amounts ranging from tens of thousands to hundreds of thousands of kyats. A member of an anti-fraud team, who wishes to remain anonymous, stated that the current scams are becoming more frequent and are exploiting people's hardships.
“The most common fraudulent methods observed include contacting people via phone to falsely inform them that they have won a lottery, enticing them to invest in shares with promises of high returns, manipulating the gold and stock markets, and creating schemes where people can earn money simply by watching advertisements. These frauds come in many forms.
Recently, there has been an increase in large-scale fraud. Companies invite people to invest in shares, promising specific returns based on the amount invested. Initially, they lure people in by offering high returns on small investments, sometimes up to 100% returns. However, after a few successful payouts, they disappear. This type of scheme has become quite noticeable recently," said the anti-fraud team member.
The most common scams involve fraudulent investment schemes that lead to significant financial losses. The lack of effective public education on these matters is contributing to the problem, as there isn't enough awareness to prevent people from falling victim to these scams.
Even if you search ‘Online Scam’ on the internet, numerous results related to various scams appear. However, those who are not informed remain genuinely unaware. Public knowledge has its vulnerabilities. People often learn about scams through word of mouth, but when they become targets, they still wonder if the threats could be real,” the member explained.
Despite hearing about "Online Scams" before, Daw Myint, a 56-year-old housewife interviewed by The Statesman journal, fell victim to the scam after the fraudsters' persuasive tactics convinced her.
"People talk about scams, but when it happened to me, I didn’t recognize it as a scam. They had a website and a Facebook page and even held regular meetings. I attended these meetings and even met the scammer in person, which made me trust them. They treated us like VIPs, and I noted down everything they said. I initially invested two hundred thousand kyats and received profits in return, so I invested more. Eventually, when they disappeared, I had lost around six million kyats. Some others lost even more," said Daw Myint.
Furthermore, certain scams employ images of girls from abroad to entice victims. The Statesman journal discovered that fraudulent groups create fake accounts to lure people into investing in their schemes. Additionally, they leverage prominent figures on internet pages to promote their deceptive businesses—a tactic commonly employed by these online s cam gangs.
“These scammers are constantly adapting, just like a virus that evolves to overcome medicine. They're using more sophisticated methods, even appearing in person through platforms like Zoom meetings with foreign participants. But don't be fooled - it's still a scam," explained the anti-fraud team member.
Analyzing the most common scams in Myanmar, approximately six different methods have been observed. These include enticing victims with promises of profits from investing in shares, only to deceive them once trust is established. Other methods involve spreading false information, soliciting investment funds, showing fake online ads and reimbursing victims based on their contributions, as well as deceptive tactics related to online friendships and promised gifts.
“The public should be aware of this. Effective legal measures must be taken against online scams; otherwise, the entire Myanmar population could fall victim,” he emphasized.