Retiree Loses RM200K in Insurance Scam: A Stark Reminder to Stay Vigilant
In a recent and heartbreaking case of financial fraud, a 62-year-old retired KEMAS teacher from Kuala Terengganu lost a staggering RM200,300 to a sophisticated phone scam that involved impersonators posing as insurance agents and police officers.
This incident is yet another wake-up call for Malaysians — especially retirees and vulnerable groups — about the growing threat of phone scams and financial fraud in our increasingly digital world.
The scam began on May 25, when the victim received a phone call from someone pretending to be an insurance representative, accusing her of filing a fraudulent insurance claim.
The call was then "transferred" to another person impersonating a Bukit Aman police officer, who manipulated the victim into believing she could avoid arrest by surrendering her funds for a so-called Bank Negara investigation.
In a state of panic and confusion, the retiree transferred money from her Tabung Haji account into her bank account, and later revealed her banking credentials to the scammers.
Initially, she made RM26,700 worth of transfers to four different accounts — but the real damage came later, when she discovered that another RM173,000 had been siphoned off through 18 unauthorised transactions between June 6 and June 19.
The case is now under investigation under Section 420 of the Penal Code for cheating.
Why This Matters: Financial Literacy and Scam Awareness
This case shows how scammers prey on fear, confusion, and trust, especially targeting senior citizens who may not be familiar with financial systems or digital fraud tactics.
Here are three crucial takeaways:
No legitimate insurance agent or police officer will ask you to transfer funds or provide banking information over the phone.
Bank Negara Malaysia (BNM) does not conduct investigations through personal calls.
Sharing your bank login or OTP with anyone — even if they seem official — is a red flag.
Fincrew’s Stand: Protecting Your Financial Future
At Fincrew, we advocate not just for smart insurance choices, but also for financial safety and fraud awareness.
Here’s how you can protect yourself and your loved ones:
Verify all calls claiming to be from insurance providers or authorities. Hang up and call the official hotline.
Enable transaction alerts on all bank accounts to monitor unauthorised activity.
Educate elderly family members on common scam tactics and what to do when they receive suspicious calls.
Use tools like Fincrew’s insurance comparison platform to ensure you're dealing with legitimate providers only.
Final Thoughts
No one — not even retirees who’ve spent a lifetime serving the community — is immune to the emotional manipulation used by scammers. Let this incident be a cautionary tale for all Malaysians.
It’s time to stay informed, stay alert, and take control of our financial security.
For trusted insurance comparison and updates on scams, fraud alerts, and personal finance tips — Fincrew is here to help.
