KUALA LUMPUR: There was a notable 20 per cent increase in the total number of complaints and enquiries from the public to 3,262 cases last year, the Securities Commission (SC) said.

A significant portion of these cases, amounting to 321 per cent increase over the past five years from 2019 to 2023, pertained to scams and unlicenced activities.

The surge underscores a growing awareness and vigilance among the public.

"The SC remains steadfast in its efforts to combat scams and unlicensed activities, adopting a comprehensive approach to address these concerns," it said in a report.

The report said many individuals and entities have fallen victim to dishonest practices promising unrealistic returns and benefits. These fraudulent activities lure unsuspecting individuals into parting with their money and retirement savings.

Investment scams, in particular, have been on the rise. These scams typically involve the promotion of non-existent investment products with false promises of high returns. 

"Victims are often enticed with offers of 1,000 per cent returns within a short timeframe, sometimes as little as a few hours," said the SC.

Moreover, these scams target individuals across various income brackets, with investment packages starting as low as RM300.

The seemingly low risk associated with such small investments makes them particularly attractive to less risk-averse individuals.

In addition to investment scams, concerns have also been raised about the conduct of unlisted public companies (UPCs) and entities offering cash trust products.

As it continues to tackle these challenges, the SC urged the public to remain vigilant and exercise caution when approached with investment opportunities that appear too good to be true.

https://www.nst.com.my/business/corporate/2024/03/1030341/scammed-investment-packages-start-rm300-1000pct-returns-sc-report