Roughly MVR 2M lost of scammers in August; most cases related foreign currency exchange

Police statistics show that approximately MVR 2 million was lost to scams in August, with a significant number of these cases involving fraudulent currency exchange transactions.

Data released by Maldives Police Service’s Anti-Scam Center shows that 184 scam cases were reported last month, resulting in total financial losses of more than MVR 1.96 million.

Among the various cases reported, online shopping and e-commerce scams were the most prevalent, accounting for 79 cases. Currency exchange scams followed, with 43 reports recorded during the month.

Additionally, the Police received 20 reports involving booking cancellation and refund scams, as well as 12 cases of identity theft and impersonation.

The statistics also highlight the authorities’ recovery efforts, with police successfully recovering MVR 1.13 million during the same period.

So far this year, the highest monthly financial loss was recorded in May, when victims lost MVR 2.27 million to scammers.

To reduce the risk of e-commerce fraud, authorities have advised the public to prioritize Cash on Delivery (COD) payment methods. They have also stressed the importance of verifying sellers’ credentials, including the date their accounts were registered, contact details, and customer reviews, before making any financial transactions.

Police have further urged the public to conduct currency exchange transactions exclusively through licensed exchange providers.

The increase in currency-related scams comes amid widespread reports of difficulties in obtaining US dollars for both business and personal purposes. The trend is emerging as the government introduces stricter measures to curb the informal black market for foreign currency exchange.