The Securities Commission Malaysia (SC) is once again hosting its annual InvestSmart Fest this year, this time with the theme Silap Labur Duit Lebur. This is following the SC’s observation that many Malaysian investors have unrealistic expectations regarding investment returns, mainly due to misconceptions that they hold about risk and returns. This, in turn, caused them to be especially susceptible to scammers.

“Low financial literacy makes investors vulnerable to unlicensed activities and scams,” said the capital market regulator in a statement, adding that its observation also showed Malaysians to have a low level of awareness and knowledge of investment and capital market products. These findings are based on data collected from 1,800 enquiries that the SC received in the first nine months of 2022, related to investment scams and unlicensed activities.

The SC further noted that scammers typically entice victims using investment packages or claims of unrealistic guaranteed high returns with no risk. These are usually forwarded using social media – such as Facebook, Instagram, and TikTok – or messaging channels like Telegram and WhatsApp.

The chairman of SC, Datuk Seri Awang Adek Hussin also highlighted that the regulator has been proactive in monitoring the Internet for suspicious capital market activities, issuing near daily updates and warnings through the SC Investor Alert List. “The porous and open nature of the Internet means that we cannot be everywhere to safeguard investors. Therefore, the best course of action investors can take to avoid falling prey to investment scams and unlicensed activities is to equip themselves with better financial knowledge,” he stressed.

As such, the SC hopes to begin addressing the situation through the InvestSmart Fest 2022, which will be held from 14 to 16 October 2022 at the KL Convention Centre (Hall 5) – with free admission to the public. It is also to be held in conjunction with the Financial Literacy Month 2022 and the World Investor Week 2022.

Accordingly, the fest will feature over 40 exhibitors to help boost financial literacy and educate the public about investment scams. These include entities such as the Financial Education Network (FEN), Bursa Malaysia, and the Employees Provident Fund (EPF). It will also see the attendance of fintech players – like Luno Malaysia and Wahed Investment – as well as investment banks and other capital market products and services providers.

Aside from these exhibitors, the InvestSmart Fest will also feature talks, panel discussions, and fireside chats by leading financial and investment experts. Visitors can also seek investment and retirement planning guidance from licensed financial planners via free #FinPlan4U financial planning sessions, available physically and virtually.

(Source: Securities Commission Malaysia)

• TAGS:
• Datuk Seri Awang Adek Hussin
• Financial Scams
• Investment Scams
• InvestSmart Fest
• Malware Scams
• Online Scams
• Phishing Scams
• Scams
• Securities Commission InvestSmart
• Securities Commission Malaysia