Beware the scammers cashing in on Covid-19

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Online scammers have taken full advantage of thre MCO. (Rawpixel pic)The Covid-19 pandemic has created fertile ground for get-rich-quick schemes. The Movement Control Order (MCO), enforced in mid-March to contain the spread of the potentially deadly coronavirus, caused thousands to lose their jobs or accept pay cuts, something scammers were not slow to exploit. Investment scams are just one kind of financial fraud. Bank Negara Malaysia defines financial fraud as an illegal act involving complicated financial transactions. It falls under civil law and is usually conducted by business professionals with specific knowledge and with criminal purpose. Investment scams in Malaysia Amanah Saham Nasional Bhd (ASNB) has warned Malaysians of a scam that uses the ASNB logo in a message circulating on WhatsApp, guaranteeing a great return on investment within a short period. In another scam, a …