Its chairman Datuk Seri Dr Awang Adek Hussin said there has been increasing use of"celebrities or influencers” to promote retail investment offerings on social media, including the use of unlicensed celebrity endorsements to provide investment advice or using celebrities to talk about or promote successful investments.
Awang Adek said Malaysia has seen a significant rise in online scams over the last two years, with almost 72,000 scams and RM5.2 billion in losses, of which investment scams accounted for close to 12,000 of the overall number of scams. Awang Adek said the public need to cultivate a culture of enthusiastic, yet informed investor participation, one where the public is educated on the numerous investment options available, as well as their rights and responsibilities as investors, so they can invest confidently, make well-informed decisions and exercise vigilance against potential risks.