Fraud prevention – don't take risk dealing with unlicensed financial operators (Malaysia)

In this time of financial crisis/recession,
be extra careful of frauds.
For recession survival, beware of frauds.

Bank Negara Malaysia has some useful information which is useful to prevent potential financial fraud.
From its "Hyperlink",
we can find lists of licensed :
banking institutions,
insurance companies & Takaful operators,
dealers of foreign currency,
money changers,
non-bank remittance operators,
issuers of credit cards, charge cards, e-money, remittance services providers,
loss adjusters,
insurance brokers, Takaful brokers,
financial advisers.

Be very vigilant of having transactions with unlicensed financial operators.
Though they may not necessarily fraudsters, don’t take the risk.
It’s a matter of "what if".

Consumer may be more legally protected when he is dealing with licensed ones.
However, due diligence is still needed, especially if large amount of money is involved.

Bank Negara Malaysia’s website has also
"Financial Consumer alerts".

Check occasionally on Financial Consumer Alerts.

Among the ones mentioned:
Unauthorised withdrawals,
Misuse of BNM’s name,
Get-Rich-Quick schemes,
Warnings about companies, for e.g. G-Gold Gallery, Inc., Swiss Cash/Swiss Mutual Fund.

Check also on press release.
You will be able to see, for examples:
Sunshine Empire charged for illegal deposit taking;
Walton International Property Group raided..

These advices may save us from potential frauds.

1 comment:

Related Posts with Thumbnails


The opinion post on this blog is personal and is not an inducement to buy or sell any investment products. The author of this blog will NOT be held responsible for any losses incurred due to the reliance on any content of this blog for investment decisions.