The Securities Commission says scams are commonly promoted on social media, with WhatsApp and Facebook being the most prevalent channels. – EPA pic, October 23, 2020.
THE Securities Commission Malaysia has received 370 queries and complaints on illegal investment schemes as at end-September compared with 317 in all of last year. Chairman Syed Zaid Albar said of late, there has been a rise of “clone firm scams”, in which a fraudster would impersonate a legitimate licenced entity to dupe investors into believing they are investing in a legitimate entity.
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