KUCHING: The public, especially investors, have been urged to look at Securities Commission Malaysia (SC) Investor Alert List which identifies unauthorised and unlicensed entities before investing in any investment platform.
In making this call, SC chairman Datuk Seri Dr Awang Adek Hussin said that this is because scammers are good at exploiting people’s desire for a quick and high return.
“Over the last two years, the country has seen a significant increase in online scams. From 2020 to May this year, almost 72,000 scams, amounting to RM5.2 billion in losses were reported.
“While, investment scams accounted for close to 12,000 of the overall number of scams,” he said.
He said this during the Bersama InvestSmart @ Sarawak 2022 which was officiated by Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg here today.
Similarly, he said, SC has noted a substantial increase in complaints and enquiries on scams and unlicensed activities between 2020 to June 2022.
“In 2020, the SC received almost 1,800 complaints and inquiries, and in last year, this figure increased to nearly 3,500.
“In the first half of this year, we have received 1,350 complaints and inquiries about scams and unlicensed activities,” he said.
Awang Adek pointed out that scammers are now mostly using social media channels such as WhatsApp and Facebook to target their victims, including using Telegram to carry out illegal activities.
“Scam is a global issue and it is not peculiar to Malaysia. And around the world, scams are becoming more sophisticated.
“Therefore, before parting with your money, we call upon the people to conduct careful research or get second opinions and proper advice before making their investment decision,” he said.
Also present were Deputy Premier Datuk Seri Dr Sim Kui Hian and SC chairman Datuk Seri Awang Adek Hussin.
