Forex scams include the buying or selling of foreign currencies by a company that is not licensed by Bank Negara Malaysia.

Don’t allow this to happen to you.

So, what are the tell-tale signs of a forex scam?

1. Companies, headquarters and bank accounts that are registered in countries where the banking rules and tax regime are loosely controlled. This is a major red flag as it is nearly impossible to get your money back once it has left Malaysia.

2. Scammers want your bank details and signatures, but their side of paperwork and signatures is always “almost coming”. That is because they don’t like providing evidence of their shady operations. Their supposed overseas headquarter is an excuse they will use very often.

3. Their offices look extremely professional. They will deck their space out with expensive furniture and TV screens which show currency movements. This is to trick you into believing that actual, legitimate business activities are being undertaken at the premise.

4. Fake testimonials and pictures of people with huge amounts of cash or luxury items. This is worthless evidence and proves nothing, except maybe a proud display of the cash they have stolen from their previous victims.

5. The scammers might even pay out the first return on a small investment as a lure to get you to agree to a larger investment. Once you agree, your money and the scammers vanish.

6. An introduction from family or friends. These scams often work because they depend on victims to recruit their friends and families. As difficult as it will be: if tell-tale signs point to it being a scam, don’t listen to your friends and family.

Bank Negara Malaysia (BNM) would like to alert the members of the public a list of companies and websites which are neither authorised nor approved under the relevant laws and regulations administered by BNM.


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Photo source: Astro Awani