Financial literacy is crucial to fight scams

Enhancing financial literacy of the general population is the best answer to the challenge at hand.

The Securities Commission (SC) recently published its annual report for 2023. There were many important statistics in the report regarding the capital markets, but one of the most worrying data points is related to scams and unlicensed activities.

In 2023, the SC received 5,318 complaints and enquiries combined, which is 20% more than 2022. Among those, scams and unlicensed activities made up 3,262 or 61.3% of the 2023 total tally.