Beware of clone financial planning firm scams, says FPAM

KUALA LUMPUR - The Financial Planning Association of Malaysia (FPAM) has advised the public to be wary of dubious investment schemes that use the name of legitimate financial planning firms.

In a statement today, FPAM warned that scammers would use financial planning companies' key names on bogus companies to confuse the public and add them to social media chat groups while pretending to represent legitimate financial planning firms.

"They also offer dubious investment schemes that promise high returns and post bogus investor testimonials to show proof of transfer receipts and making profits to gain the confidence of potential victims,” it said.

The association said that nine financial planning firms -- all of them members of the association -- have had their names cloned to promote illegal schemes.

"Their actual names are Wealth Vantage Advisory Sdn Bhd, Genexus Advisory Sdn Bhd, Excellentte Consultancy Sdn Bhd, Alpine Advisory Sdn Bhd, UOB Kay Hian Securities (M) Sdn Bhd, CC Advisory Sdn Bhd, Harveston Wealth Management Sdn Bhd, iFast Capital Sdn Bhd and Kenanga Investors Bhd,” it said.

To protect from being scammed, FPAM advised members of the public to check with the Securities Commission Malaysia’s (SC) list of licensed and registered persons and check with the financial planning firm itself before making any payments or investments.

"Victims of these scams should immediately report to the National Scam Response Centre by calling their hotline, 997, and also file a report with the SC,” it added. -BERNAMA