Public awareness of PIDM on upward trend

Chief executive officer Rafiz Azuan Abdullah said financial consumers do not need to pay anything, contrary to claims by scammers trying to cheat the public into paying money to get PIDM protection for financial products.

KUALA LUMPUR: Perbadanan Insurans Deposit Malaysia’s (PIDM) annual report 2020 has highlighted that a public awareness level is on an upward trend of 72 per cent, above its target for 2020.

Themed "Shifting Gears: Driving PIDM’s Readiness”, the report stated that awareness about PIDM is important so that financial consumers know what is protected by them in a member institution failure, and what is not, before they place their hard-earned money in a bank or buy insurance or takaful benefits.