Bursa Malaysia (the Exchange) continues to urge the public to be wary and alert of investment scams. The Exchange has noted an increase in reports of investment scams, with scammers using various social media channels, including popular chat applications such as Whatsapp, Telegram and iMessage, to lure unsuspecting members of the public to participate in dubious investment schemes.
Bursa Malaysia advises members of the public to be vigilant when approached by parties misrepresenting themselves as the Exchange, its employees or endorsed third party agents. According to a report issued by the Ministry of Communications & Digital1, Malaysians lost almost RM600 million in 2022, up from RM511 million in 2021, due to online scams and other cybercrimes.
The most recent scam noted is on WhatsApp, where recipients are prompted to follow up on their trading accounts, or join a WhatsApp group, by calling a name and mobile number provided in the WhatsApp message. Bursa Malaysia categorically denies issuing this communication.
As with previous occasions, these scammers misuse the Bursa Malaysia name and logo, as well as misrepresenting themselves as employees of the Exchange. Other recent scams include using names and photographs of Bursa Malaysia’s top management to entice members of the public to invest in unauthorised investment schemes. Bursa Malaysia would also like to remind members of the public to only invest with licensed investment professionals. Whenever in doubt, please visit Bursa Academy at https://bursaacademy.bursamarketplace.com/en/investor-alert for a list of licensed intermediaries and representatives.
