Falling for ‘high returns’ promise
- Details
Sunday, 25 Apr 2021
PETALING JAYA: The challenging economic times brought on by the Covid-19 pandemic were among reasons why some investors fell for investment scams that promised high returns within a short time, says the Securities Commission (SC).
The industry regulator said this was coupled with the general public’s lack of understanding of the capital market, with many investors believing they could gain up to 31% returns if they joined the investment scams.
“We saw a significant jump in complaints about investment scams between 2019 and 2020 with victims across all ages and backgrounds because such scams were conducted via social media, ” it said.
It said complaints about such schemes climbed to 158% from 2019 to 2020, with most of them involving scams, unlicensed investment advice and unregistered digital asset platforms.
In 2019, the SC received 212 complaints but this number jumped to 548 in 2020. So far this year, it has received 215 complaints.
The SC believes scammers had taken advantage of people’s vulnerability to earn extra income during the pandemic.
Some of the scams even promised 10-fold returns on their investment within 24 hours of investing.
Awas! Jangan terpedaya scammer 'pancing data'
- Details
April 24, 2021 16:31 MYT
KUALA LUMPUR: Kes-kes penipuan 'memancing data' perbankan internet dilihat semakin meningkat sejak kebelakangan ini.
Pelbagai taktik digunakan termasuk menerusi panggilan telefon, menghantar khidmat pesanan ringkas (SMS) secara rambang menyerupai pesanan bank dan juga kiriman emel bagi memperdaya pengguna supaya menyerahkan maklumat peribadi seperti nama dan kata laluan akaun perbankan Internet.
Baru-baru ini Suruhanjaya Komunikasi dan Multimedia Malaysia (SKMM) mendedahkan beberapa helah dan modus operandi yang digunakan scammer itu.
Modus operandi itu turut digunakan untuk memperdaya dan memperoleh nombor Transaction Authorization Code (TAC) atau One-Time PIN (OTP) daripada pengguna.
Berikut modus operandi yang dikesan digunakan scammer:
1. Pesanan ringkas SMS atau mana-mana aplikasi pesanan termasuk WhatsApp dihantar menyatakan berlakunya transaksi kewangan mencurigakan atau wujud keperluan untuk pengguna mengesahkan, mengemas kini atau mengaktifkan semula akaun perbankan Internet.
2. Pengguna diminta untuk melayari pautan laman sesawang palsu yang diberikan dan kemudian memasukkan nama dan kata laluan akaun perbankan Internet.
3. Paparan di laman sesawang palsu itu akan kelihatan serupa dengan laman sesawang perbankan Internet sebenar namun alamat URL laman itu mempunyai perbezaan dan variasi dari segi nama, huruf serta ejaan.
Why chicken prices are no longer finger-licking good
- Details
April 24, 2021 9:00 AM
PETALING JAYA: The rise in chicken prices since the start of Ramadan has ruffled the feathers of many consumers, forcing the authorities to intervene.
Chicken is the most widely consumed meat in the country, with the typical Malaysian eating an average of 50.9kg of poultry a year. Any rise in prices is therefore always an issue.
It was reported recently that the price of chicken had rocketed from RM7.50 per kg to between RM9 and RM10 per kg.
FMT takes a look at the factors affecting poultry prices and explores what can be done to address the issue.
According to a poultry farmer who declined to be named, the main factor affecting chicken prices is the cost of production.
The main ingredients in chicken feed are corn, soya bean meal, and crude palm oil (CPO). The prices of these have been going up.
In recent months, the farmer said, the prices of imported corn had increased by 41.5%, imported soya bean meal by 57.6% and CPO by 43.3%.
“People often ask why we don’t feed chickens with cheaper food like palm kernel cakes. It boils down to nutrition as corn and soya bean meal offer the best nutrition.
“Lower quality feed affects the growth of the chickens. This means it will take longer for the chicken to reach a size and weight suitable for sale.”
Read more: Why chicken prices are no longer finger-licking good
Scammers cash in on opportunity
- Details
Wednesday, 21 Apr 2021
KUALA LUMPUR: Even as the country has been hit hard by Covid-19, scammers have taken advantage of the pandemic to prey on the weak and gullible.
Macau scam cases are on the rise with losses amounting to hundreds of millions of ringgit yearly.
Bukit Aman Commercial Crime Investigation Department (CCID) director Comm Datuk Zainuddin Yaacob (pic) said 5,725 cases were reported in 2019 involving RM254.5mil in losses.
“The cases continued to spike to 6,003 cases last year. The total losses increased to RM287.3mil.
“So far, we received 1,392 cases this year with losses amounting to RM38.1mil, ” he said when contacted yesterday.
The victims were mostly women aged 51 and above, Comm Zainuddin said.
“The syndicates would prey on such victims, using fear as the ultimate tool in duping them to surrender their savings.
“The scammers would pose as officers from the authorities, including the police or Bank Negara.
“Some would even pretend to be from a bank or other companies such as Pos Malaysia. We also received cases where the scammers posed as the victim’s family members or friends, ” he added.
The modus operandi has not changed much as the scammers will say that you are under investigation for some case.
“They will intimidate you and threaten to put you behind bars.
“The police will never handle cases over the phone, let alone threaten to arrest someone, ” he said.
Comm Zainuddin said a scammer would also advise the victim to transfer their money to avoid it from being frozen during a phone call.
EPF: Members will continue to earn dividends up to age 100
- Details
Tuesday, 20 Apr 2021 1:43 PM MYT
KUALA LUMPUR: The Employees Provident Fund (EPF) has clarified that members will continue to earn dividends for the remaining portion of their EPF savings up to age 100.
In a statement, EPF has clarified that an old statement regarding the maximum age of 75 years for EPF dividend payment, which is currently circulating via WhatsApp and other online platforms, is outdated and no longer applicable.
“As announced in an EPF media statement dated Nov 3, 2016, effective Jan 1, 2017, members will continue to earn dividends for the remaining portion of their EPF savings up to age 100,” it said.
“This measure was introduced following the amendment to the EPF Act 1991 to ensure that members who choose to maintain a portion of their savings with the EPF after retirement will continue to benefit from the compounding effect of annual dividends until their EPF savings have been fully withdrawn,” EPF said.
The EPF will inform members prior to transferring any unclaimed savings when the member reaches age 100.
Any claim after the transfer can be made through the Registrar of Unclaimed Monies.
The EPF urged members to be cautious of misleading or unsubstantiated information received through social media platforms and refrain from circulating them.
Members are advised to always verify the source and date of the information obtained.
Scammers hunting for victims on social media
- Details
Wednesday, 21 Apr 2021
GEORGE TOWN: After countless successful raids against Macau scam syndicates, fraudsters have started adopting new modus operandi to get people to part with their money.
Penang Commercial Crime chief Asst Comm Mohd Rosni Mohd Lazim said scammers would now swindle their victims via social media platforms such as Facebook, WhatsApp or WeChat, instead of the traditional face-to-face approach.
He said the situation was further aggravated as more people were now using online transactions.
“In the past, we had the pyramid investment schemes where victims attend briefings before parting with their money, or the ‘scratch and win’ contests where the victims were approached on the streets.
“Today, the victims would fall prey to financial scam advertisements on social media, ” he said.
ACP Rosni said police have recorded 342 cases in Penang in 2019 and 2020, with losses amounting to RM17mil.
“Till March this year, Penang has recorded another 37 cases related to the Macau scam, with losses amounting to RM699,937.
“The amount of losses from the Macau scam is among the highest compared to other commercial crimes involving individuals, ” he said.
Kajian menyeluruh terhadap pembekal utama tentukan punca kenaikan harga
- Details
April 20, 2021 @ 10:58am
Kuala Lumpur: Permintaan sesuatu barangan yang meningkat secara luar biasa dan dalam tempoh yang singkat menyebabkan berlaku kenaikan harga dalam pasaran.
Itu situasi yang berlaku setiap kali musim perayaan di negara ini sehingga mengundang kegelisahan pengguna.
Profesor di Sekolah Perniagaan dan Ekonomi, Universiti Putra Malaysia (UPM), Prof Dr Azmawani Abd Rahman berkata, kajian menyeluruh wajar dilakukan ke atas pembekal utama bagi mengenal pasti punca kenaikan harga.
Katanya, senario harga meningkat pada musim perayaan didorong faktor rantaian permintaan dan penawaran yang berubah drastik dalam tempoh singkat.
"Ketika musim perayaan, operasi perniagaan berada pada tahap berbeza berbanding sebelumnya. Permintaan lebih, logistik meningkat dan sudah pasti ia mempengaruhi harga.
"Namun ada juga isu peniaga yang sengaja menaikkan harga barang, yang akhirnya menekan pengguna," katanya kepada Harian Metro.
Menurutnya, rantaian bekalan perlu dirancang dengan lebih teliti mengambil kira jangkaan peningkatan dalam permintaan.
Read more: Kajian menyeluruh terhadap pembekal utama tentukan punca kenaikan harga
Chicken price fixed at RM7.90 for Raya season
- Details
April 19, 2021 9:20 PM
PUTRAJAYA: The retail price of standard chicken has been fixed at RM7.90 for the Aidilfitri festive season, from Wednesday until May 20, domestic trade and consumer affairs minister Alexander Nanta Linggi said today.
The price was set under the festive season maximum price control scheme after discussions with major chicken farm owners and the agriculture ministry, he said.
However, price control only involved live chicken, standard chicken and super chicken during the Aidilfitri festive period. “The prices of chicken parts which have been cut, such as the breast, leg and thigh are not controlled,’’ he added
Alexander said chicken prices had risen recently because of various factors, the most significant being the higher cost of imported maize and soya used as chicken feed.
The festive season price control scheme involves 12 items in four categories: chicken, chicken egg, meat and marine produce.
Alexander said price control was implemented at every level in the chicken distribution chain from farms to retail shops and would not burden chicken traders because everyone in the chicken distribution chain have obtained their respective profits.
He warned traders against raising the price of chicken or other items above the maximum price, and instead encouraged them to sell at a price lower than the fixed price.
The four categories of price controls are:
'Conservation should be a school subject'
- Details
April 19, 2021 @ 9:15am
THE government should introduce environmental conservation as a subject in schools, with a focus on education and awareness of the economic, social and environmental impact of food wastage.
Environmentalist Dr Sharifah Mazlina Syed Abdul Kadir said this was a viable long-term solution to problems associated with plastic and food waste.
Failure to do this, she said, would result in food waste remaining a perennial issue, especially during festive periods such as Ramadan and Hari Raya.
Sharifah Mazlina, who is Permata Greenland Organisation chairman, said it was crucial that good habits to stop food waste were inculcated among Malaysians at a young age.
She said this would help protect the environment and slow global warming.
"The school syllabus has to include a subject on environmental conservation, covering consequences and preventive actions to reduce food waste in schools.
"The authorities can emulate countries such as Canada and Japan, where such a move has helped create a society that values food and cares for the environment."
Sharifah Mazlina, who is also chairman of the All Women's Empowerment to Accelerate, was responding to concerns raised by Environment and Water Minister Datuk Seri Tuan Ibrahim Tuan Man over increasing food waste recorded during the fasting month.
Beware of motor insurance vultures
- Details
April 18, 2021
Remember the vultures who used to spill oil on the road to cause car crashes? They might be back, so watch out.
What has happened over the past few years is a baffling mystery: there are victims but no logical motive.
We’re talking about annual billion-ringgit fraud claims in the motor insurance business and a Bank Negara Malaysia-initiated programme to minimise losses to motor insurance companies.
It seems like these efforts between BNM and motor insurance companies grouped under the General Insurance Association of Malaysia (PIAM) to establish an ethical standard to the crash repair business have come to zero at the hands of the Malaysia Competition Commission (MyCC).
MyCC last year won a court judgment that penalised PIAM and 22 insurance companies for a total of RM174 million for offences against the Competition Act.
On that note, MyCC is also in the process of amending the law so that it can rule on mergers and acquisitions as it notably couldn’t when Grab and Uber merged in Malaysia a few years ago.
Let me tell you the story and see if you can solve the who-done-it question:
Like most progressive nations, Malaya went through a motorisation phase after the First World War when tin miners and rubber plantation owners were so rich that they bought British, French and American cars and rubber tappers without electricity bought fridges to store their food.
Page 49 of 155