The appeal that online shopping has is easily evident for those who have enjoyed it over the years, what with the unparalleled level of convenience that it affords to consumers from the screen of their mobile devices. With just a few taps, one can browse through a nearly infinite range of products and services, delivered right to your doorstep.
M’sians warned against purchasing counterfeit banknotes online
However, this has also led to an uptick in cyber-crime from within e-commerce circles, among them include bait-and-switch schemes, undelivered products, and even counterfeiting, all of which has been made all the more rampant with technology.
And in the case of counterfeiting, Malaysians have been cautioned to be wary of a new wave of online sellers operating over social media who claim to be selling fake Ringgit banknotes that are advanced enough to pass authenticity checks on conventional note-counting machines. As reported by China Press, the sellers have allegedly been operating within select groups on Facebook and offer prospective buyers a number of price ranges for select denominations.
For example, those willing to pay RM300 can receive RM1,000 in counterfeit banknotes, while those who spend RM400 can receive RM2,000 of fake notes in exchange.
Sellers would even go so far as to claim that the forged banknotes are manufactured in a similar manner to the authentic ones down to the materials used, and even possess non-consecutive serials. Given that fact, these notes are able to bypass UV authenticity factors usually used by note-counting machines.
Describing them as being indistinguishable to touch and the naked eye, the seller only mentions one caveat: that the notes cannot be deposited directly into a cash deposit machine. The seller even advises those who buy the currency to spend it all in one place, and to never spend more than RM10,000 in one go to avoid raising suspicions.
Knowingly using counterfeit currency is an offense
In speaking with members of the press over the matter, DAP Kuala Kangsar Member of Parliament Chong Zhemin has cautioned Malaysians against these counterfeit schemes and has advised against exchanging real money for fake banknotes from these sellers.
“After we found out about the post, me and my assistant decided to lodge a report. At this time, we have not received any complaints related to fake banknotes,” he told members of the media.
Believing the operation to be a move to flood the local market with fake currency, Chong has cautioned business owners and citizens alike to pay close attention as to whether they have received any counterfeit banknotes.
“Citizens should not attempt to exchange authentic currency for counterfeit currency, as it is not only a criminal offense to manufacture counterfeit currency, but also to be caught using it.” he adds.
According to Bank Negara Malaysia’s (BNM) Guidelines on Quality of Currency and Handling of Suspected Counterfeit Currency, an individual found carrying counterfeit currency ‘who fails or refuses to provide information as requested by BNM, financial institutions or registered currency processors (RCPs) is committing an offence’. Upon conviction, they may face a fine of up to RM20,000.
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