Public are urged to only deal with company or individual who are licensed or registered with the commission
by AUFA MARDHIAH / pic TMR
THE Securities Commission Malaysia (SC) is calling for investors to increase their awareness and protection against the possibility of falling victim to investment scams.
According to the commission, it has received more than 1,800 complaints and enquiries related to investment scams and unlicensed activities alone for the first nine months of this year (9M22).
“In fact, Internet scams in Malaysia have increased significantly in the last two years, with about 72,000 scams and RM5.2 billion in damages, and investment fraud accounted for about 12,000 of the totals.
“This shows that Malaysian investors have a relatively low financial literacy which continues to expose their vulnerability to unlicensed activities and scams,” SC chairman Datuk Seri Dr Awang Adek Hussin said recently.
He highlighted that scammers are also finding sophisticated ways to target investors, who range from the vulnerable at one end to those who invest primarily by the desire — or hope — to gain lots of money irrespective of the risks involved.
“Most scams are spread through social messaging apps and platforms like WhatsApp and Facebook. And we have recently noticed that they have started using Telegram as well. Many of these scams also claimed to be ‘syariah compliant’,” he said.
Investment Products Providers Must Register with SC
