What is foreign currency trading? What should I know about foreign currency trading scams in Malaysia?
Foreign currency trading refers to activities involving the investment of monies/funds in foreign currency with the objective of getting high returns from movements in exchange rates.
Hence, if you have been approached to invest your money in foreign currency, it is most definitely a foreign currency trading scam!
In Malaysia, all foreign currency dealings must be made with or through an authorised dealer.
A person (individual or company) who is not an authorised dealer is not allowed to offer services or trade in foreign currency.
Foreign Currency Trading Scams
Many unsuspecting Malaysians have been cheated by foreign currency trading scams and as a result have lost millions of ringgit. Such scams are conducted by companies which operate illegally.
The illegal operators normally target job seekers and investors who seek quick and high returns for their investments.
Warning Signs For Job Seekers
Do not be involved in assisting illegal operators and cheating innocent people. Check with Bank Negara Malaysia 1 before accepting employment in such places.
If you have money to invest, invest wisely so that your money is safe. Do not be cheated, persuaded or forced into investing your hard earned money in 'high and quick return' investments such as in foreign currency trading scams. You will lose all your money.
Be wise. Keep your hard earned money in investments that are regulated by the Government. Sleep in peace and enjoy your retirement.
- The official website of Bank Negara Malaysia
Reprinted with permission from BankingInfo (A Consumer Education Programme)
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