Malaysia recorded a significant rise in online fraud cases since 2020, says SC chairman

From 548 complaints in 2020 to 1,124 in 2022, with total losses reaching tens of millions of ringgit.

GEORGE TOWN: Malaysia has experienced a significant increase in online scam cases over the past two years, says Securities Commission Malaysia executive chairman Datuk Seri Dr Awang Adek Hussin ."From only 548 complaints in 2020 to 1,124 in 2022, with total losses reaching tens of millions of ringgit.

Elaborating, Awang Adek said the SC had recorded 267 names on the Security Commission Investor Alert List and blocked 166 websites and 224 social media accounts suspected of conducting investment fraud last year. "For me, this is a worrying level," he said, adding that the SC would take continuous action to block and eradicate fraudulent activities or scams that are becoming more prevalent in the country.

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