How to protect yourself from scams?
Remember the golden rule - if it sounds too good to be true, it's probably a lie.
- Deal only with licensed financial institutions.
- Check with the relevant authority before investing.
- Don't be pressured or rushed into an investment.
- Be extra careful of any investment opportunity that is not in writing.
- Guard your bank account and credit card information carefully.
- Never reveal it to any party.
You should only save or invest with parties licensed by the authorities so that your savings or investments are protected:
- The institutions accepting deposits that are licensed by Bank Negara Malaysia. You can check their licensing status from Bank Negara Malaysia's website www.bnm.gov.my.
- Your deposits placed with the financial institutions licensed under Bank Negara Malaysia will be fully guaranteed by the Government through Perbadanan Insurans Deposit Malaysia (PIDM) until December 2010. This coverage is provided automatically at no cost to depositors. To find out more about deposit insurance, visit PIDM's website www.pidm.gov.my or call PIDM's toll free line 1-800-88-1266.
- Individuals and companies involved in investment activities are licensed by the Securities Commission. You can check their licensing status at the Securities Commission's website www.sc.com.my.
Reprinted with permission from BankingInfo (A Consumer Education Programme)
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