Pkpp Covid 19 Scam Alert Increase In Investment Scams During Pandemic
Investment scams, including schemes involving fake companies, have been on the rise amid the COVID-19 pandemic, according to the Securities Commission Malaysia (SC).
Chairman of SC, Datuk Syed Zaid Albar said investors' vulnerability to scams might be caused in part by their unrealistic expectations of returns from investments.
He said there has been a rise of "clone firm scams" of late, where the fraudster would impersonate a legitimately licensed entity to dupe investors into believing that they are investing with a legitimate entity.
SC's findings revealed that most of these scams are commonly carried out via social media platforms, with WhatsApp and Facebook being the most prevalent channels.
"I would like to advise investors to always verify the individual's and/or entity's status with the SC before investing their monies in any investment schemes," Datuk Syed Zaid said.
Read further on The Malaysian Reserve’s article attached.
Source: The Malaysian Reserve
#StayHome #BeSafe #Pray4Malaysia
HELP BREAK THE COVID-19 CHAIN
