Focus

M'sia records significant rise in online fraud cases

27 May 2023 12:28am
picture for illustrative purposes - FILE PIC
picture for illustrative purposes - FILE PIC
GEORGE TOWN - Malaysia has experienced a significant increase in online scam cases over the past two years, said Securities Commission Malaysia (SC) executive chairman Datuk Seri Dr Awang Adek Hussin.

He said that, between 2020 and 2022, the total number of fraud-related complaints rose by 100 per cent.

"From only 548 complaints in 2020 to 1,124 in 2022, with total losses reaching tens of millions of ringgit.

"In 2022, almost 60 per cent of all complaints we received were fraud-related," he told reporters at the Bersama InvestSmart @Penang 2023 programme officiated by Penang Chief Minister Chow Kon Yeow.

Elaborating, Awang Adek said the SC had recorded 267 names on the Security Commission (SC) Investor Alert List and blocked 166 websites and 224 social media accounts suspected of conducting investment fraud last year.

In addition, he said that, in the first quarter of this year, it added a total of 84 entities to the SC Investor Alert List and blocked 61 websites and 80 social media accounts.

"For me, this is a worrying level,” he said, adding that the SC would take continuous action to block and eradicate fraudulent activities or scams that are becoming more prevalent in the country.

Meanwhile, he said the SC is organising the Bersama InvestSmart @Penang 2023 programme from today until Sunday (May 28) to increase the people’s level of financial literacy in investment.

The programme involved a total of 38 exhibitors, including the Financial Education Network (FEN), Bursa Malaysia Berhad, Federation of Investment Managers Malaysia (FIMM), Private Pension Administrator (PPA) and several financial and capital market industry players - BERNAMA
Related Articles:


scam
MALAYSIA
online
FRAUD
SIGNIFICANT
More Like This
Photo for illustration purpose only. - File photo by Bernama
Photo for illustration purpose only. - File photo by Bernama
National Christmas: Prison Department allows family visits on Dec 27-28
Visitors are discouraged from giving money to inmates, as all essential facilities are provided by the Prisons Department.
A Russian man was fined RM1,000 by the Magistrate's Court here today after pleading guilty to trespassing on a military camp two weeks ago.
A Russian man was fined RM1,000 by the Magistrate's Court here today after pleading guilty to trespassing on a military camp two weeks ago.
National Russian man fined RM1,000 for trespassing on military camp
Magistrate Illi Marisqa Khalizan imposed the sentence on Zakharov Ilia, 35, and ordered the defendant to serve one month in prison if he fails to pay the fine.
Southwest District Police Chief, Assistant Commissioner Sazalee Adam, speaks with Ikmal Hakimi (right) and Nor Hazrul (third from left), who were found safe in Acheh waters, Indonesia, yesterday and arrived here aboard a maritime vessel. - Photo by Bernama
Southwest District Police Chief, Assistant Commissioner Sazalee Adam, speaks with Ikmal Hakimi (right) and Nor Hazrul (third from left), who were found safe in Acheh waters, Indonesia, yesterday and arrived here aboard a maritime vessel. - Photo by Bernama
National Mother's emotional plea: Son rescued after six days adrift won’t return to fishing
Hanita said she would prefer Ikmal to continue his role as a member of the Malaysian Volunteer Corps Department, as being a fisherman is unsuitable for him or their family, who are more accustomed to life on land.
Youth and Sports Minister Hannah Yeoh - Photo by Bernama
Youth and Sports Minister Hannah Yeoh - Photo by Bernama
National Court dismisses Hannah Yeoh's defamation suit against Musa Hassan
Judicial Commissioner Arziah Mohamed Apandi ruled after finding that the plaintiff had failed to establish that the defendant’s (Musa) statements were defamatory.