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KUCHING, Sept 17 (Bernama) -- 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 Tan Sri Abang Johari Tun Openg.
He hopes that people would be more aware of investment fraud cases, especially investment scams on social media.
"Those advertised on social media are mostly icing on the cake, which sometimes promises 20 per cent return on investment 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 here today.
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 licenced cryptocurrency instruments under Bank Negara and SC.
Meanwhile, SC chairman Datuk Seri Dr 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.
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