By Christopher Lidom
KUCHING, Sept 17: A total of 72,000 scam cases with losses amounting to RM5.2 billion were reported in Malaysia from 2020 until May this year.
According to Securities Commission Malaysia (SC) chairman Dato Sri Dr Awang Adek Hussin, investment scams accounted for close to 12,000 of the overall number of scams.
“As such, the public, especially investors, are urged to refer to SC Investor Alert List to identify unauthorised and unlicensed entities before investing in any investment platform,” he said during the Bersama InvestSmart @ Sarawak 2022 Fair held at Vivacity Megamall today.
Awang Adek noted that SC also received a substantial increase in complaints and inquiries on scams and unlicensed activities between 2020 and June 2022.
He said in 2020, the SC received almost 1,800 complaints and inquiries, which increased to nearly 3,500 in 2021.
He also said in the first half of this, they received 1,350 complaints and inquiries about scams and unlicensed activities.
He pointed out that scammers primarily use social media platforms such as WhatsApp and Facebook to look for victims, including Telegram, to carry out illegal activities.
“Scam or fraud is a global issue, and it is not happening only in Malaysia. Around the world, scams are becoming more sophisticated.
“Therefore, we call upon the people to conduct careful research or get second opinions and proper advice before investing,” he added. — DayakDaily
