In 2023, the Securities Commission Malaysia received 3,262 complaints about scams and unlicensed activities—a 321% increase from 2019. By 2024, that number climbed to 3,380 cases, with authorities blocking 128 websites, 113 Telegram accounts, 78 Facebook accounts, and 10 Instagram accounts. And it's getting worse. Fraudsters now use deepfake AI to impersonate prominent personalities and reputable companies.
Why Everyone’s an Expert… Until It’s About Your Money
Key takeaways
- Verify your financial advisor is licensed and regulated by Securities Commission Malaysia before trusting their advice.
- Social media popularity doesn't equal investment expertise; check credentials and qualifications before following financial tips.
- Young Malaysians show poor investment literacy despite high confidence; avoid unvetted sources and seek formal financial education.
- Unlicensed investment advice in Malaysia increased 321% from 2019-2023; protect yourself by choosing regulated experts only.