Protect Yourself Against Scammers With The Right Know-How

As Malaysians recover from the COVID-19 pandemic, the topic of money is on everyone’s minds for various reasons. These range from rising inflation, which is quickly eroding our purchasing power, to concerns about retirement security as a result of a significant reduction in our savings after two years of the pandemic.

Many in our community are still struggling to replenish their savings. Those whose savings are at a critical level, have expressed concern about how they will survive when they retire, stating that they need to continue working or start small businesses in order to make ends meet in the years to come. To make matters worse, these vulnerable people are often preyed upon by unscrupulous scammers.

According to the Royal Malaysian Police (PDRM), a total of 71,833 scams were recorded between 2020 and May 2022, with losses amounting to RM5.2 billion. These include bank scams, loan scams, as well as investment scams which fall under the purview of the Securities Commission Malaysia (SC). The SC received 1,800 complaints and enquiries related to investment scams and unlicensed activities in the first nine months of this year.

The SC’s work extends well beyond regulating and developing the Malaysian capital market. They are also responsible for safeguarding the interests of investors, by among others, educating investors on how to make better investment decisions by providing them with key financial knowledge and tools, so they can make informed investment decisions. 

They also teach the public how to identify red flags of investment scams and illegal activities in the market. Being more financial literate means that investors can take better control of their own finances and stop them from falling victim to the sweet promises of scammers. 

With these considerations in mind, the SC will be hosting the InvestSmart Fest at the Kuala Lumpur Convention Centre (KLCC) from 14 to 16 October 2022.  Themed ‘Silap Labur Duit Lebur’, InvestSmart® Fest is a one-stop event for all your investment needs.

InvestSmart Fest will also be investing in the youth segment, who are regarded as key stakeholders for the long-term sustainability and success of the capital market. According to the findings of the SC’s survey titled “Youth Capital Market Survey: A Malaysian Perspective 2022”, Malaysian youth tend to prioritise emergency funds and savings to support their families and pay off debts above building wealth and investment. Therefore, it is important for younger generations to have a head start in investing and saving so they can enjoy greater financial stability in their later years.