PETALING JAYA: Scammers have picked up the know-how on stock analysis, so Malaysians should be more vigilant if they are added to supposed "financial groups" on web messaging apps, says the Malaysia Cyber Consumer Association.
Association president Siraj Jalil said many people were lured via WhatsApp, which showed people communicating about investments but in fact, were "non-existing investments".
“It is in the best interest of everyone that any financial investment made must be the ones offered by companies approved by Bank Negara or the Securities Commission,” he said when contacted.
Malaysian International Humanitarian Organisation chief public relations officer Daniel Khoo said that social media platforms have become the main tool used by scammers.
As such, he advised people to be more vigilant and to leave such groups if they are added in unknowingly.
“We have received quite a number of complaints on this issue. So our advice is that don’t get tempted, don’t engage and don’t be greedy.
“It is human nature to want more money but greed can backfire especially when we don’t have any knowledge about financial trading,” he said.
Asked how people get added to such groups, Khoo suspected that the scammers could have "bought" data from inside sources.
In September, LinkedIn user Kang Yew Jin shared his experience of being added into an "international club" on WhatsApp back in July in which a "teacher" would provide a stock analysis each morning.
Kang, who had his doubts about the group, was asked to download an app.
He said he refused to do so, adding that he even ran a check with the Companies Commission of Malaysia to verify the status of the company.
Subsequently, Kang said he was deleted from the group when he tried to warn others about it being a scam.
On Oct 9, Bank of China (Malaysia) Bhd issued a statement, cautioning the public about "a fraudulent instant messaging group falsely claiming association with BOC International Holdings Limited (“BOCI”).
“A member within this group, posing as a senior executive of Bank of China (Hong Kong) (“BOCHK”), has been issuing stock recommendations to group members. BOCM categorically asserts that the bank, BOCHK and BOCI are not affiliated with this fraudulent group."
“BOCM reiterates that it would not provide investment advice through any instant messaging platform,” it said.
On Oct 20, Kang updated his post to say that someone recently contacted him to say that he was scammed and had lost some money.
Kang also claimed that the "international club" had used dubious ways such as a fake IC in threatening to sue him for his "defamatory" remarks.
