There is a new scam in town, according to the Employees Provident Fund (EPF). Unlike past scams where members submitted forged documents to facilitate the approval of withdrawals for education, house and health, this new one involves real documents.
A Bernama news report said that the EPF has advised its members to inform the EPF or police if they are approached by individuals who offer to help them withdraw their savings under the pretext of specific withdrawals such as for the above.
EPF’s senior public relations manager Nik Affendi Jaafar said their investigation had uncovered severak fraudulent withdrawals involving the paying out of large portions of members savings to unscrupulous third parties as commission.
“Armed with a common modus operandi, these syndicates target members who appear desperate and in dire need of money. These members are coaxed into handing over personal documents such as copies of their identification cards, bank account statements and ATM cards as part of the terms for making the illegal withdrawals.”
He advised that membrs who wish to apply for EPF withdrawals are advised to deal directly with the EPF which does not charge for its services nor seek any assistance from a third party.
“While we realise that there are members who are innocently duped into withdrawing their EPF savings, there are also members who purposely resort to deceitful means to withdraw their retirement savings. EPF savings are designed for their financial security during retirement years and they should not get involved with syndicates to deplete their old-age savings prematurely, whatever the circumstances.”
“At the end of the day, safeguarding members’ savings and their future remains the EPF’s main objective. The EPF will not hesitate to take legal action against offenders under Section 59 of the EPF Act 1991. Those found guilty of fraudulent withdrawal or attempted fraudulent withdrawal are liable to a maximum jail sentence of three years or a RM10,000 fine, or both.