Scams: SC received 1,800 complaints and enquiries in nine months of 2022
12 Oct 2022 07:28pm
SC received 1,800 complaints and enquiries related to investment scams and unlicensed activities. - 123RF Photo
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All of the scams were promoted online through messaging channels such as Telegram and WhatsApp as well as social media platforms like Facebook, Instagram and TikTok.
SC chairman Datuk Seri Dr Awang Adek Hussin said the SC has been actively monitoring the internet for suspicious capital market activities and issued warnings to investors through the SC Investor Alert List, which is updated almost daily.
"The porous and open nature of the internet means that we cannot be everywhere to safeguard investors.
"Therefore, the best course of action investors can take to avoid falling prey to investment scams and unlicensed activities is to equip themselves with better financial knowledge,” he said in a statement today.
According to the SC, scammers are still rampant and primarily using social media to attract and cheat investors with offers of investment packages or recommendations and claims of unrealistic guaranteed high returns with no risk.
"Malaysians still have a low level of awareness and knowledge of investment and capital market products.
"Malaysian investors have unrealistic expectations about investment returns due to a misconception about risk and returns,” it said, adding that low financial literacy also makes investors vulnerable to unlicensed activities and scams.
Meanwhile, the SC will be holding a three-day investor education fair from Oct 14-16, 2022, to boost financial literacy and help the public protect themselves from investment scammers.
In addition, the SC’s flagship investor education fair, InvestSmart® Fest (ISF 2022), will also be held on Oct 14-16, 2022, at the Kuala Lumpur Convention Centre in conjunction with Financial Literacy Month 2022 and World Investor Week 2022.
ISF is supported by Bursa Malaysia, the Federation of Investment Managers Malaysia, the Financial Planning Association of Malaysia and the Malaysian Financial Planning Council.
ISF 2022 will bring together over 40 exhibitors, comprising the Financial Education Network (FEN), Bursa Malaysia, the Employees Provident Fund (EPF), investment banks and other capital market products and services providers.
It will also include fintech players such as Luno Malaysia and Wahed Investment, and there are nearly 600 #FinPlan4U consultations available, physically and virtually.
For more information on ISF 2022 and the #FinPlan4U financial planning consultations, visit www.investsmartsc.my or InvestSmart®’s social media accounts. - BERNAMA
