Rising Tide Of Scams: Securities Commission Malaysia Grapples With Nearly 3,000 Complaints

The financial markets regulator said that many scammers are using social media platforms to carry out their scams.
(credit: Image by Freepik)

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The Securities Commission Malaysia (SC) has reported a notable increase in scam-related complaints, reaching 2,873 in the third quarter of 2023 compared to 2,461 the previous year.

SC chairman Datuk Seri Awang Adek Hussin attributed the rise to increased enforcement efforts, urging the public to report suspicious activities, according to a news report by Bernama.

He said that scammers are increasingly leveraging popular social media platforms, including YouTube, WhatsApp, Facebook, and Instagram, as conduits to connect with potential victims.

The SC collaboration with the Malaysian Communications and Multimedia Commission (MCMC) has led to actions against unlicensed activities, including entries on the Alert List and blocking of websites and social media accounts.

The SC added that they plan to launch an online platform, the SC Investment Checker, to help investors verify the legitimacy of investment opportunities.

Furthermore, Deputy Finance Minister II Steven Sim Chee Keong stressed the need for enhanced system security and quick response to scams, with the National Scam Respond Centre allocated funds for this purpose.

He also added that the National Fraud Portal, a collaborative effort by Bank Negara Malaysia and PayNet, is expected to be completed by mid-next year to trace fund movements and identify mules.

Sim also called for shared liability between service providers and consumers to address the issue of scams effectively.

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