Malaysia recorded a significant rise in online fraud cases since 2020, says SC chairman

GEORGE TOWN: Malaysia has experienced a significant increase in online scam cases over the past two years, says Securities Commission Malaysia (SC) executive chairman Datuk Seri Dr Awang Adek Hussin (pic).

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

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

"In 2022, almost 60% 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 was organising the Bersama InvestSmart @Penang 2023 programme from Friday (May 26) 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