The Securities Commission Malaysia (SC) today kicked off its annual investor education
event InvestSmart® Fest 2024, focusing on retirement planning and safeguarding
investors from scams.
A recent SC study found that 54% of respondents believe their savings are insufficient
for retirement with only 16% confident their funds will last over 20 years after retirement.
Alarmingly, 18% of respondents feel their saving can only be sustained for five years or
less.
Investor protection also remains a pressing issue, with 3,380 scam related complaints
and enquiries received by the SC as of the third quarter of this year. This trend has been
on the rise, with a 28%increase last year, proving the evolving sophistication offraudulent
schemes despite regulatory interventions.
As such, InvestSmart® Fest 2024 highlights SC’s efforts in increasing awareness and
knowledge on the benefits of safe investing as well as saving earlier in life.
The SC Chairman Dato’ Mohammad Faiz Azmi stressed that staying vigilant in an
increasingly digital world is no longer a priority for investors, but a necessity.
“The SC remains committed to safeguarding investors, but vigilance is key. Through
InvestSmart® Fest, we are equipping Malaysians with the tools to recognise threats and
make secure financial decisions,” he said.
SC Executive Director and General Counsel Yew Yee Tee warned of rising digital scams
involving deepfakes, fraudulent pre-IPO schemes and the mislabeling of Shariah
compliant products.
“The public must practice caution and ensure they deal with licensed individuals or
companies before making any investment decisions,” she said in her opening speech at
the event.
In response to the growing influence of financial influencers (finfluencers) on social
media, the SC has updated the Guidance Note on the Provision of Investment Advice.
The SC also cautioned against mule account scams, where victims are persuaded to rent
out their bank accounts, leading to serious consequences.
In collaboration with Bursa Malaysia, InvestSmart® Fest 2024 will also participate in the
‘Ring the Bell for World Investor Week’ campaign.
This global initiative organised by the World Federation of Exchanges and spearheaded
by the International Organization of Securities Commissions, brings together stock
exchanges worldwide to promote investor education and protection.
InvestSmart® Fest 2024, expected to draw over 11,000 visitors to Mid Valley Exhibition
Centre (MVEC), will feature 40+ exhibitors and 600 free financial planning sessions under
#FinPlan4u. For the first time, an ‘Anti-Scam Zone’3 will educate the public on scam
prevention.
The event is supported by Bursa Malaysia, the Federation of Investment Managers
Malaysia, Financial Planning Association of Malaysia and Malaysian Financial Planning
Council.
For more information and the list of available exhibitors, visit https://investsmartsc.my/
or InvestSmart®’s social media accounts.
