The Securities Commission has intensified its anti-scam awareness campaign since last year due to the increasing number of scams. 

Up to end September this year, the SC has received 370 queries  and complaints on illegal investment schemes versus 317 for the whole of last year. 

SC chairman Datuk Syed Zaid Albar highlighted that the SC has recently established  an internal taskforce to focus on investigating and taking enforcement action against individuals behind these scams and urged the public to provide any information that they may have to assist the SC to fight against these scams. 

The SC urged investors to exercise caution before investing in any schemes which are  promoted on social media such as Facebook and WhatsApp Messenger. 

Investors should  make use of the various channels provided by the SC, such as the SC’s Investor Alert List,  to verify the legitimacy of the investment schemes and the status of the individual who  has approached them. 

He was speaking at the SC’s annual flagship investor education event, InvestSmart Fest, held from October 23 – 25. This is the seventh instalment of  the InvestSmart Fest and for the first time, held virtually.  

This year’s InvestSmart Fest themed ‘Silap Labur Duit Lebur’ is also held in support of  the Financial Education Network (FEN)’s inaugural Financial Literacy Month 2020. 

The  InvestSmart Fest which is aimed to equip investors with the fundamentals in making  sound investment decisions, showcases over 35 virtual exhibitors comprising capital  market intermediaries, associations, regulators and equity crowdfunding, peer-to-peer  financing and digital assets market operators. 

Syed Zaid Albar said the InvestSmart Fest is an opportunity for  Malaysians to learn how to achieve financial well-being, while at the same time, raise  their awareness on the proliferation of scams. 

While planning early for retirement is essential towards achieving one’s financial well being, the SC’s survey shows that Malaysians tend to start retirement planning only at a  later stage in life, namely at about 44 years and above.

 The SC added that it is important  for all Malaysians to learn financial management and start saving and investing early,  even if only in small amounts, in order to take charge of their finances.