Beware of investment scams on social media including Telegram, TikTok – SC
KUALA LUMPUR: The Malaysian Securities Commission (SC) has received 1,800 complaints and inquiries related to investment fraud and unlicensed activities in the first nine months of this year.
Based on the data collected, all the scams are promoted online through communication channels such as Telegram and WhatsApp as well as social media platforms such as Facebook, Instagram and TikTok.
SC chairman Datuk Seri Awang Adek Hussin said it actively monitors the Internet to identify suspicious capital market activities and also issues warnings to investors through the SC Investor Alert List which is updated almost every day.
“The open nature of the Internet makes it difficult for SC to protect investors, the best action that investors can take to avoid being a victim of investment fraud and unlicensed activities is to equip themselves and improve their financial knowledge,” he said in a statement issued today.
The latest data from the SC shows that ‘scammers’ are still prevalent, mostly using social media to attract and deceive investors with offers of investment packages and claims of unrealistic and risk-free high return guarantees.
“The findings of a survey conducted by the SC found that Malaysians still have a low level of awareness and knowledge about investments and capital market products.
“Local investors have unrealistic expectations of investment returns due to misconceptions about risk and returns. Low financial literacy also makes investors vulnerable to unlicensed activities and fraud,” SC said.
Meanwhile, SC will host the SC Investor Education Exhibition and InvestSmart(R) Fest (ISF 2022), it will take place from 14 to 16 October 2022 at Exhibition Hall 5, Kuala Lumpur Convention Center (KLCC).
InvestSmart(R) Fest is supported by Bursa Malaysia, Federation of Investment Managers Malaysia, Financial Planners Association of Malaysia and Financial Planning Council of Malaysia.
It is held in conjunction with Financial Literacy Month 2022 and Global Investor Week 2022.
ISF 2022 will bring together more than 40 exhibitors comprising the Financial Education Network (FEN), Bursa Malaysia, the Employees’ Provident Fund (EPF), investment banks and other capital market product and service providers.
Activists from the ‘fintech’ (financial technology) industry such as Luno Malaysia and Wahed Investment will also participate in the event.
For more information on ISF 2022 and financial planning consultation #FinPlan4U, visit www.investsmartsc.my or InvestSmart(R) social media accounts.
source – BERNAMA
