KUALA LUMPUR: Bank Negara Malaysia’s (BNM) Financial Consumer Alert initiative lists hundreds of companies and websites suspected of being involved in scams.
The list can be found on BNM’s website or accessed via a link in the Amaran Scam ebook at bnm.gov.my/AS_ebook.
The more than 500 entities listed there are neither licensed nor regulated to offer financial services in Malaysia.
It warns the public against dealing with these operators, many of which are linked to suspected investment fraud, unlicensed lending and online trading scams.
BNM introduced its Financial Consumer Alert list, a public registry of unauthorised companies and websites impersonating regulated financial entities, in 2012.
It marked the start of deliberate consumer protection efforts.
The earliest known entry showed 77 entities.
The list, which is updated regularly based on public tip-offs and internal review, is aimed at protecting consumers from scam risks, BNM’s website stated.
It is understood that 13 more companies were added to the list on Aug 25.
BNM said “the listed companies and websites were not authorised or approved under laws administered by BNM”.
“It is not exhaustive, but serves as a public guide based on information and queries received by BNM.”
Basically, the list does not confirm whether investigations have been concluded, but is meant as an early warning.
The ebook aims to strengthen financial literacy and help consumers make informed decisions.
BNM updates the alert list regularly, with information drawn from enforcement agencies, industry players and public complaints.
The ebook also provides guidance on verifying legitimate service providers and reporting suspected fraud.
BNM collaborates with the Securities Commission (SC), other enforcement bodies and foreign authorities to monitor, track, and, where possible, recover assets tied to investment fraud and illicit financial schemes.
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