BEWARE OF SCAMS DURING COVID-19 CRISIS

There are many unscrupulous parties that are waiting to take advantage of unsuspecting individuals during this difficult times. Scammers tend to capitalise on fears and hardship stemming from major crisis like Covid-19 outbreaks to manipulate vulnerable and unsuspecting members of the public.Scammers are becoming increasingly more sophisticated with their tactics. Many schemes come disguised as different types of business opportunities such as investment schemes for various types of products or services, designed to swindle your hard-earned money.

Here is what you can do to avoid being scammed. Always:

  1. Deal only with individuals/entities who/that are registered or licensed by the SC;
  2. Ask questions and request for important information – Scammers rely on the fact that most people do not ask for the right information before they make an investment decision. Ensure you know who you are dealing with, the individuals behind the company and understand its products or services before investing;
  3. Check with the relevant authorities before investing/depositing any monies with any person or company. You can channel your inquiries to the SC, Bank Negara Malaysia, the Ministry of Domestic Trade and Consumer Affairs, CyberSecurity Malaysia, Companies Commission of Malaysia and others;
  4. Don’t be pressured or rushed into making an investment decision. Give yourself time to do research and find out more about the product before parting with your money; 
  5. Be sceptical of any investment opportunity that is not in writing. Request relevant documentations on the product and the company so that you can ascertain the legality of the investment opportunity offered;
  6. Beware of investments over the internet. With the increase of online scams, you need to be extra careful of advertisements on social media platforms; 
  7. Secure your personal information (MyKad number, address, bank details, existing investment details, etc.);
  8. If an investment has already been made, keep copies of all documents pertaining to your investment and your communications with the person you dealt with and the company concerned.

Always exercise extreme caution when being offered an investment scheme. Take precautionary steps to protect yourself from being a victim of scams.

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