This comes in the wake of reports of an increase in the number of such scams, with perpetrators now turning to various social media channels, including Telegram, to lure their victims into dubious online investment schemes.

In a media statement issued today, Bursa Malaysia said many scammers had misused its name and logo as well as misrepresented themselves as its employees.

There was a significant increase in the number of online scams during the Covid-19 pandemic.

Data from Bukit Aman’s commercial crime investigation department showed that a total of 71,833 cases of online scams involving more than RM5.2 billion in losses were reported from 2020 to May 2022.

A total of 11,875 cases, or about 17%, were related to loan and investment scams.

“Given the increasing number of such cases, it is important for investors to have the right information and tools to make informed decisions and identify fraudulent activities,” Bursa Malaysia said.

In its effort to ensure that everyone remained alert to scams at all times, Bursa Malaysia will start a series of online posts under the handle #stayalert to provide information on the different types of scams.

Information on social media scams and Telegram groups as well as the use of forged letterheads and logos, will be posted weekly.

“Members of the public are advised to stay vigilant when approached by parties that claim to have received the exchange’s endorsement or have misrepresented themselves as our employees,” Bursa Malaysia said, adding that those in doubt should refer only to its official social media channels.

These are Facebook, Instagram, Twitter, LinkedIn, and YouTube.

Those who have been approached by individuals offering unsolicited investment advice or opportunities have been advised to reach out to Bursa Malaysia at [email protected] or call 03–2732 0067 to verify the authenticity of such claims.