‘It was too good to be true’: SCL Myanmar scam defrauds thousands

Press/Media: Expert Comment

Description

The SCL scammers were also aided by the rise of social media. Mr Lennon Chang, a lecturer in criminology at Melbourne’s Monash University who specialises in cybercrime, said Ponzi schemes and other scams could take off much faster as a result of the internet.

“The development of technology will definitely facilitate this type of scam,” he said. “It will make it easier – for the same results, they will definitely need to spend less effort than 10 or 20 years ago.”

He suggested that local factors, such as a lack of financial literacy and trust in formal financial institutions, would have helped SCL.

“In Myanmar, many people still don’t think or know how to double check whether something is true or not,” he said. “If some people comment under the post and say [SCL provides] a good return, then I believe a lot of people will be persuaded to put money in.”

Period11 Aug 2017

Media contributions

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Media contributions

  • Title‘It was too good to be true’: SCL Myanmar scam defrauds thousands
    Degree of recognitionNational
    Media name/outletFrontier Myanmar
    Media typePrint
    CountryMyanmar
    Date11/08/17
    DescriptionThe SCL scammers were also aided by the rise of social media. Mr Lennon Chang, a lecturer in criminology at Melbourne’s Monash University who specialises in cybercrime, said Ponzi schemes and other scams could take off much faster as a result of the internet.

    “The development of technology will definitely facilitate this type of scam,” he said. “It will make it easier – for the same results, they will definitely need to spend less effort than 10 or 20 years ago.”

    He suggested that local factors, such as a lack of financial literacy and trust in formal financial institutions, would have helped SCL.

    “In Myanmar, many people still don’t think or know how to double check whether something is true or not,” he said. “If some people comment under the post and say [SCL provides] a good return, then I believe a lot of people will be persuaded to put money in.”
    URLfrontiermyanmar.net/en/it-was-too-good-to-be-true-scl-myanmar-scam-defrauds-thousands
    PersonsLennon Chang