Scammers Are Impersonating Governors to Lure Malaysians into Investment Scams

Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) cautioned the public against manipulated videos and online content that falsely portray senior regulatory officials as endorsing private investment schemes and financial products.

BNM issued a warning on 13 October regarding an increasingly sophisticated form of financial deception in which fabricated appearances and misleading promotional materials are used to give questionable investment opportunities an illusion of regulatory legitimacy.

Contents

01

When Regulatory Authority Becomes a Weapon for Fraud

02

Financial Criminals Exploit Investor Confidence

When Regulatory Authority Becomes a Weapon for Fraud

The growing accessibility of artificial intelligence has created new opportunities for criminals to impersonate influential figures, particularly those whose positions command considerable public confidence.

In Malaysia, the misuse of BNM's identity carries significant implications because the central bank plays a central role in safeguarding monetary stability and overseeing the financial system.

Fraudsters have previously circulated fabricated articles, misleading social media accounts and manipulated videos involving BNM Governor Abdul Rasheed Ghaffour and other senior officials. Such material can create the false impression that an investment opportunity has received official recognition or approval.

The central bank has explicitly stated that neither BNM nor the SC promotes or recommends private investment schemes.

Financial Criminals Exploit Investor Confidence

Speaking earlier this month, Abdul Rasheed warned that criminals were increasingly using advanced technology to automate fraudulent operations, identify vulnerabilities and strengthen their ability to manipulate victims.

He disclosed that approximately 95% of online fraud cases involved individuals being deceived into transferring funds, illustrating how psychological manipulation remains central to financial scams.

Malaysia's financial sector prevented approximately RM1.9 billion in fraudulent transactions during the first half of 2026, exceeding the RM1.2 billion prevented throughout 2025, according to figures presented by the governor.

Authorities Urge Verification Before Investment

BNM has advised individuals encountering suspicious investment advertisements to verify their authenticity through official regulatory channels rather than relying on claims made in videos or social media posts.

Investors are encouraged to consult BNM's Financial Consumer Alert List and the SC's Investor Alert List, while checking whether a financial service provider is authorised through BNMLINK or the SC's Investment Checker.

Suspicious advertisements and fraudulent accounts should also be reported to the relevant authorities or social media platforms to limit their circulation.