Rise in scams involving foreign currency exchange, with 17 cases in six days

The Maldives Police Service has reported a rise in scams involving fraudulent foreign currency exchange schemes, with 17 cases lodged during the final six days of last month alone.

According to police statistics, members of the public lost a total of MVR 737,695.26 in 32 scam cases between October 25 and 31. Of the amount lost, only MVR 144,558.26 has been recovered.

The statistics released by the police show that foreign currency exchange scams accounted for the largest share of reported cases during the period, with 17 recorded cases.

Other reported offences included six e-commerce scam cases, four investment scams, one case of impersonation to fraudulently obtain money, and four cases involving other types of scams.

Police noted that scammers employ various platforms and methods to carry out their fraudulent activities, including online messaging platforms, iBay, TikTok, Facebook Marketplace, phishing links and telephone calls.

Cautioning the public against the growing prevalence of fraudulent currency exchange schemes, police urged individuals to remain vigilant, noting that exchange rates that appear unusually favourable could be an indication of a scam.

Police further advised the public to ensure that funds have been received from the other party before completing any transaction and to avoid transferring money if the identity of the person they are dealing with cannot be clearly verified.