KUALA LUMPUR: Bursa Malaysia Bhd will commence a series of online posts, #stayalert, about different types of investment scams misrepresenting the stock exchange
It said these weekly postings will include scams that have been reported, covering social media scams, Telegram groups, and the use of forged letterheads and logos.
The stock exchange said it is seeing an increase in investment scams in the country as scammers take to social media channels to lure potential victims, with many misusing the Bursa Malaysia name and logo as well as misrepresenting themselves as employees of the exchange.
It advised the public to be more vigilant when approached by parties misrepresenting themselves as having the Exchange’s endorsement or as its employees, and to only follow Bursa Malaysia’s official social media channels.
According to data from the Royal Malaysia Police, a total of 71,833 scams amounting to more than RM5.2bil in losses was reported from 2020 until May 2022, of which 11,875 or 17% were related to loan and investment scams.
“Given the increasing number of scam cases, it is important for investors to have the right investment knowledge and tools in order to make informed decisions and easily identify fraudulent activities,” said Bursa Malaysia in a statement.
Additionally, the stock exchange reminded members of the public that it would not request for them to pool funds for any…
