How can I tell if an investment is a scam?

Check whether the company is licensed by BNM or the SC, and search its name in both regulators' alert lists. If high returns are guaranteed, you are pushed to recruit others, or money goes to a personal account, treat it as high risk.

The company is not on the BNM alert list. Is it safe?

No. Alert lists only include entities that have already been identified. New schemes may not be listed yet. What matters is whether the company holds a valid BNM or SC licence for the activity it is offering.

Is an investment registered with SSM legitimate?

SSM registration only means the business legally exists. It is not a licence to take deposits, manage funds or offer investments. Those activities require a licence or approval from BNM or the SC.

I can't withdraw my profit unless I pay tax first. What should I do?

That is a common sign of an investment scam. Do not pay anything more. Keep all evidence, call 997 if money has been transferred, and report it to the SC or BNM. Extra payments usually do not unlock a withdrawal.

Guide

Investment scams: forex, crypto, gold and 'AI trading'

Investment scams promise high, fixed and fast returns through forex, crypto, gold, 'AI trading' or schemes that depend on recruiting new members. Before investing, check whether the company is licensed by Bank Negara Malaysia (BNM) or the Securities Commission (SC), and search both regulators' alert lists. Not appearing on an alert list does not mean a company is legitimate.

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Already transferred money? Call 997 (NSRC) now — 24 hours. How to report a scam →

Common types of investment scam

Forex and share trading with an 'account manager' who guarantees daily profit.
Crypto or new tokens that are said to be certain to rise.
Gold or commodity investments with fixed monthly returns.
Trading robots or 'AI trading' that supposedly profit automatically.
Pyramid or Ponzi schemes where returns are paid from new members' money.

Key warning signs

Returns are guaranteed, fixed or far higher than normal investments.
You are encouraged to recruit new members to earn commission.
You are invited into a Telegram or WhatsApp group with a 'mentor' and profit testimonials.
Money must be sent to a personal account, not a licensed company's account.
You cannot withdraw without paying extra 'tax' or 'fees'.

How to check before you invest

Search the company and scheme name in BNM's Financial Consumer Alert list and the SC Investor Alert List. The search on our home page covers both.
Check the list of licensed financial institutions on the BNM website and the list of licensed persons on the SC website (www.sc.com.my).
Check company registration through SSM e-Info. SSM registration alone is not a licence to take deposits or manage investments.
Check the recipient's account number in SemakMule.

Where to ask or complain

For capital market products, contact the SC at 03-6204 8999 or aduan@seccom.com.my. For deposit-taking schemes and financial institutions, contact BNM TELELINK at 1-300-88-5465 (Monday to Friday, 9am to 5pm). If you have already transferred money, call 997 immediately.

Frequently asked questions

How can I tell if an investment is a scam?: Check whether the company is licensed by BNM or the SC, and search its name in both regulators' alert lists. If high returns are guaranteed, you are pushed to recruit others, or money goes to a personal account, treat it as high risk.
The company is not on the BNM alert list. Is it safe?: No. Alert lists only include entities that have already been identified. New schemes may not be listed yet. What matters is whether the company holds a valid BNM or SC licence for the activity it is offering.
Is an investment registered with SSM legitimate?: SSM registration only means the business legally exists. It is not a licence to take deposits, manage funds or offer investments. Those activities require a licence or approval from BNM or the SC.
I can't withdraw my profit unless I pay tax first. What should I do?: That is a common sign of an investment scam. Do not pay anything more. Keep all evidence, call 997 if money has been transferred, and report it to the SC or BNM. Extra payments usually do not unlock a withdrawal.

Short guides to the scam tactics common in Malaysia, how to check bank accounts, phone numbers and licences, and what to do right away if you have been hit.