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.
This article is brought to you by AKPK
Photo source: Astro Awani
Thu Oct 03 2019
Gain Tips to Grow Your Business With This Namma SME Webinar
Gain tips to grow your business with this instalment of the Namma SME webinar on Aug 18, jointly brought to you by Astro Ulagam, Quake, and RAAGA.
Get SME Funding Tips With the Lights! Finance! Action Webinar on Apr 8
Get tips to fund your small and medium enterprise, from the experts, on the Lights! Finance ! Action. SME Business Funding Made Easy webinar on Thursday, April 8.
Boost Your Marketing Techniques By Joining the LEVEL UP Webinar!
Join the LEVEL UP! – POWER Your Way To Profit Through Clever Marketing to gain tips from experts from various fields, on Feb 3, 8pm.
Learn How to Be Your Own Boss with the Gear Up Webinar!
Wannabe businesspeople and those who are already their own boss alike, can benefit from tips given in the Gear Up: From Worker to Boss Via the SME Life webinar on Dec 15.
Get Tips to Secure Funding For Your Business With the CASH UP Webinar
Join the "CASH UP! - Financing you BIG Ideas" webinar if you need tips to fund your business in the new norm.
Get Tips to Survive In a Post-Pandemic World With the POWER UP Webinar
Small and medium enterprise owners and aspiring entrepreneurs who are hit by the COVID-19 pandemic, can get guidance on sustaining their livelihoods with this one-hour Webinar.
Why You Should Pay Your Credit Card Bill On Time
Why You Should Pay Your Housing Loan On Time
Avoid The Pitfalls Of Personal Loans
Young Participants Gain Financial Management Tips From Astro Uruthunai Workshop
Bigg Boss Abishek's First Post After Getting Eliminated from the Show!
Guess what Bigg Boss Abishek posted after leaving the reality show!
Join Tamilethumy Season 2 Watch & Win Contest 2021!
Along with the launch of Tamiletchumy 2, we are bringing you an exciting Watch & Win contest with TWO (2) winners every weekday!
Guess Who's Earning the Highest Salary in Bigg Boss Tamil Season 5!
Here's a list of the alleged weekly salaries of Bigg Boss Tamil Season 5 contestants!
Tamannaah Sues the Makers of Masterchef Telugu Because of This Reason!
Actress Tamannaah Bhatia has taken legal action against the makers of Masterchef Telugu because of this reason!
Bharathi Kannamma Fame Roshni Haripriyan is Leaving the Famous Serial!
Actress Roshni Haripriyan to leave the Bharathi Kannamma serial? Here's what we know...
Meet The Woman Who Became a Mother at 70
Call it a medical miracle, as a 70-year-old woman has become a first-time mother in Gujarat, India.
Govt to Reopen Langkawi For International Tourists Soon: Minister
Langkawi will soon be opened to tourists from all around the world following the success of the domestic tourism bubble, Tourism, Arts, and Culture Minister Nancy Shukri has said.
Best Moments From The 67th National Film Award Ceremony!
Check out some of the best moments from the National Film Award ceremony held today at New Delhi...
Rajinikanth Receives Dadasaheb Phalke Award; Attends Ceremony With Dhanush & Aishwarya
Legendary actor Rajinikanth was honoured with the Dadasaheb Phalke Award at Delhi today...
Is 'Mouna Raagam 2' Actress Raveena Daha In A Relationship?
Actress Raveena's emotional social media post on her birthday has started relationship rumours. But this is what the actress revealed...