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Seek investment knowledge through trusted channels, says Abang Jo

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Sarawak Premier Abang Johari Openg says the public should check with Bank Negara or the Securities Commission to get guidance so as not to be deceived. – The Malaysian Insight file pic, September 17, 2022.

THE public should seek investment knowledge through proper and licenced channels so as not to be deceived by investment platforms that promise unreasonable profits, said Sarawak Premier Abang Johari Openg.

He hopes that people would be more aware of investment fraud cases, especially investment scams on social media.

“Those investments advertised on social media are mostly icing on the cake, which sometimes promise a 20% return without any physical interaction between both parties. If the return is beyond what is expected then something is not right.”

“As such, the public should check with Bank Negara or the Securities Commission (SC) to get guidance so as not to be deceived. When you have made a mistake, your money is gone and this will lead to other problems as well,” he said when speaking at the Bersama InvestSmart @ Sarawak programme in Kuching today.

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Abang Johari said the programme, which runs until tomorrow is able to create awareness on investing wisely as well as give exposure to the public on legal and licensed cryptocurrency instruments under Bank Negara and SC.

SC chairman Awang Adek Hussin said online fraud in Malaysia has increased from 2020, with almost 72,000 cases involving losses of RM5.2 billion recorded from 2020 to May this year.

According to him 12,000 of the total cases involved investment fraud.

“From January to June this year, the SC received 1,350 complaints and inquiries regarding fraudulent and unlicensed investment activities. Scammers are now mostly using social media channels such as WhatsApp and Facebook to target their victims, and recently, we have seen them using Telegram to carry out their illegal activities,” he said.

Themed ‘Silap Labur Duit Lebur’, the programme features 28 booths representing Bank Negara, Bursa Malaysia and Private Pension Administrator aimed at sharing information, giving guidance and financial advice on investment to investors and visitors. – Bernama, September 17, 2022.


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