Common sense when evaluating an investment type passive income.
The common average of income from
Anything more than this you should be suspicious
investments is
7% Per Annum(YEAR)
Check against the official government or organisation announcements.
These are the common ones we found.
- Global
- Malaysia
- https://www.bnm.gov.my/-/financial-consumer-alert-list-of-unauthorised-companies-and-websites-has-been-updated
- https://www.sc.com.my/regulation/enforcement/investor-alerts/sc-investor-alerts/investor-alert-list
- https://www.bnm.gov.my/consumer-info/scam-notices
- https://www.jangankenascam.com/ (997)
- Singapore
- USA
- https://www.usa.gov/common-scams-frauds
- Australia
Using 2 useful real-life examples to create a testing SOP.
TFXI(scrupulous) and MooMoo (No problems as of writing this)
Remember that companies can register in other countries
With the example of TFXI they registered in Caymans Island in the later stage. Due to the uniqueness of how Cayman island promote their privacy for companies registered there, it is not easy to check for companies that might be registered there. It is probably a good idea to double-check a company’s registration in the Caymans islands. There might not be a publicly accessible list or query form but there are private companies who would provide this service.
Note to self: Double check Cayman Islands company policy why do most companies try to register there.
STEP 1 – Checking a company’s registration and governing body.
In Malaysia SSM and the SEC is the most basic place to check a company’s information. If they are publicly listed it is much easier to check information about them.
Malaysia had recently came out with a great campaign and support system called #jangankenascam.com
TESTING OUT 997
I didn’t get satisfactory support from 997. My test question was regarding how to check if MooMoo is legit and what to do with our situation regarding the TFXI issue.
- [GREAT] Phone kept ringing until someone picked up
- [GREAT] Could converse even in English
- [IMPROVE]Slow pickup of call, 5 minutes
- [IMPROVE] Knowledge
- [IMPROVE] More useful solution instead of just being a directory to redirect problems to. They just redirected my questions to SEC only.
STEP 2 – CHECK WITH THE COMPANY THEMSELVES
Besides checking their company registration and governing bodies be sure to check the person or source you are contacting with because they could be using a legit company’s information to scam you. You can double-check by contacting the company directly regarding the offer or information provided by your source.
CAREFUL OF A POPULAR AND HARD TO CONTROL SCAM KNOWN AS “PUMP AND DUMP”
Massimo Vignelli
STEP 3 – GET HELP
Don’t be shy to ask for help. Scammers are professional criminals that spend a huge amount of resources to scam you. So it makes sense that you need support as well.
Careful of links that has been made to look like other text. Like màybank.com and maybank.com is not the same URL. Also note that URL are not case-sensitive. so Maybank.com is the same as maybank.com
Final thoughts
Scammers are always coming out with new ways to scam you —today especially it is much easier because of how fast technology is advancing, Knowledge is the only sustainable way to keep up. Perhaps creating some kind of education team to provide resources could be helpful.
