Remember, if it sounds too good to be true, it probably is.
There are many scams related to money game schemes, also known as 'Skim Cepat Kaya', targeting members of the public.
Always be reminded that you should only place deposits and invest with parties licensed by the authorities so that you are protected under the banking and securities laws. When in doubt, check with Bank Negara Malaysia, the Securities Commission or other relevant authorities on the licensing status of the local and foreign company before depositing money or making any investment decision.
Be ALERT and look out for the following common features
|The scam is always the same, that is, to take money from victim for goods or services that they have no intention to provide.|
Often, these schemes falsely promise interest rates, returns or profits that are much higher than the returns offered by licensed financial institutions for their deposits to attract potential victims.
|Most schemes have no intention to uphold their promises. They seek to lure new victims, so they are able to use the ‘new’ money received to repay the earlier depositors.|
Eventually, these schemes will fall when there are no new deposits being continually received by the operators. When this happens, the money game schemes will collapse and the depositors or investors will lose their investments.