Scammers are resorting to social media to find their next victims, even the highly secure Telegram messaging platforms not spared. The Securities Commission of Malaysia has cautioned the public on the sharp increase of investment scams promoted by Telegram.
Since January 2022, the SC had received a total of 47 complaints and inquiries on illegal investment schemes promoted through Telegram. According to the regulator, the fraudulent schemes offer non-existent investment opportunities, promising very attractive and risk-free returns within a short span of time. They commonly offer unrealistic returns of as high as 1,000% within 24 hours or even within a few hours.
The perpetrators supposedly use various names to carry out the investment scams and also impersonate or clone licensed capital market intermediaries by using the names, logos, credentials, websites, and other details of the legitimate entities to promote the illegal schemes.
Perpetrators of these scams will create a public group on Telegram to promote these investment packages that are usually accompanied by fake testimonies and sometimes advertised as being Shariah-compliant. Interested investors will be asked to directly message the representatives to begin investing in the various investment packages offered.
Additionally, investors are often instructed to deposit monies into personal bank accounts of individuals who claim to represent a legitimate entity, and/or into an unrelated corporate account. To lend credence and to lure unsuspecting victims,
perpetrators usually claim that their entity and/or the investment schemes are approved by financial authorities.
In this aspect, the SC reminds investors to always exercise caution when evaluating investment opportunities, especially those promising unrealistically high returns with little or no risk. Investors should also never deposit money into someone’s
personal bank account if instructed.
