Bursa Malaysia joins global WIW campaign to combat financial fraud, investment scams

KUALA LUMPUR: Bursa Malaysia Bhd has announced its participation in the global World Investor Week (WIW) campaign, aimed at fighting financial fraud and investment scams, as part of its continuous efforts to educate investors.

The exchange noted that the WIW, which runs from Oct 2 to 8, 2023, is a global campaign spearheaded by the International Organization of Securities Commissions (IOSCO) to promote investor education and protection.

In a statement today, Bursa Malaysia said this year marks the fourth year in a row that IOSCO and the World Federation of Exchanges are working in partnership on the “Ring the Bell for Financial Literacy” campaign.

In commemoration of the campaign, Bursa Malaysia said it will ring the bell at market opening on Oct 4, 2023, to commence the start of a financial frauds and investment scams workshop, a half-day workshop which will address pressing concerns surrounding financial fraud and investment scams.

“Experts will discuss current challenges including the intricacies of cybercrime, escalating threats posed by social media scams, complexities associated with banking fraud, as well as usage of technology in devising sophisticated scams,” it said.

Guest speakers include representatives from the National Anti-Financial Crime Centre, the Royal Malaysia Police, Securities Commission Malaysia, Association of Banks Malaysia, and Ensign InfoSecurity, it noted.

“Awareness of financial fraud and investment scams is an integral component of Bursa Malaysia’s financial literacy 2 Sens-Ability programme.

“The investor education programme focuses on personal money management, budgeting, savings, investing savviness and financial fraud, to help individuals and communities improve their financial well-being,” it shared.

The programme has hosted 109 sessions, benefiting a total of 16,174 individuals since it was rolled out in January 2021.

Commenting on the initiatives, chief executive officer Datuk Muhamad Umar Swift said Bursa Malaysia is pleased to support a global campaign that advocates investor education and awareness as a means to boost investor confidence in the market.

“Similar to other countries, Malaysia too has witnessed a rise in financial frauds and scams, posing significant risks to the public.

“Therefore, it is important investors are equipped with the basic financial education needed to make informed financial decisions and protect themselves from fraudulent schemes,” he added.

The workshop will be held from 8 am to 12.15 pm at Bursa Malaysia. Members of the public are invited to attend and register for this complimentary workshop through this link: https://forms.office.com/r/cJ2DjnupJX. – BK