SC Alerts Public Over Rising Investment Scams Being Promoted On Telegram
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The Securities Commission (SC) has urged the public to be more mindful and not fall for investment scams, especially due to a rising number of them being promoted on Telegram.

In a statement, the regulatory body stated that since January this year, it has already received 47 complaints and enquiries on illegal investment schemes promoted through the popular instant messaging app. It also revealed the characteristics of the investment scams as well as the modus operandi of the perpetrators to help Malaysians identify them and not be another victim.

According to the regulator, scammers will promote non-existent investment opportunities, promising unrealistically high and risk-free returns within a short period of time, with some offering earnings as high as 1,000% within 24 hours – or even less.

In carrying out the scams, the perpetrators will create a public Telegram group to promote their fake investment offerings and lure potential victims. To lend credibility, they will use different names and share fake reviews in the Telegram group. Some perpetrators go one step further by claiming that their investment opportunities are approved by financial authorities or being Shariah-compliant.

On top of that, the perpetrators may also impersonate licensed capital market intermediaries by copying their names, logos, credentials, websites, and other identifying features.

(Image: Asia Financial)

From there, potential victims are told to message the representatives directly to find out more about the lucrative investment opportunities. They may also be asked to transfer funds into the personal bank accounts of individuals who claim to represent a legitimate entity or an unrelated corporate account.

Given the situation, the SC has advised the public to carefully evaluate any investment opportunities that come their way, especially if they sound too good to be true. Investors are also reminded to never deposit money into someone’s personal bank account if instructed. Additionally, they can refer to the SC’s Investor Alert List before making any investment decisions as it contains updated information on unauthorised websites, investment products, companies, and individuals. 

Finally, Malaysians who believe that they have been approached by unauthorised firms or individuals offering suspicious investment opportunities can lodge a report with the SC’s Consumers and Investors Department at 03-6204 8999. Alternatively, they may also lodge a report by sending an email to [email protected].

(Source: Securities Commission)

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