How can Malaysians spot and avoid financial scams or unlicensed advisors?

Introduction

Financial scams and unlicensed advisors are a growing concern in Malaysia, especially as more people seek advice online. Losing your hard-earned savings to a scammer or dealing with an unlicensed advisor can have serious consequences for your future. But with a bit of knowledge and the right tools, you can protect yourself and your family. This article shows you how to spot the warning signs, check advisor credentials, and make safer financial decisions in Malaysia.

Why financial scams are on the rise in Malaysia

As digital banking and online investments become more popular, scammers have become more creative—posing as legitimate advisors or promising “guaranteed returns.” Many victims only realise too late that they’ve been misled by false promises or fake credentials.

Common signs of financial scams and unlicensed advisors

1. “Guaranteed returns” or “risk-free” promises

If someone claims their product or advice is “guaranteed,” “risk-free,” or “sure-win,” it’s a major red flag. No licensed advisor in Malaysia is allowed to make such promises—these phrases are strictly prohibited by law.

2. No verifiable license or unclear credentials

A genuine advisor will be happy to show their official license or registration details. If someone avoids your questions or shows unclear documents, be very cautious.

3. Pressure to make quick decisions

Scammers often create urgency—saying you must “act now” or “secure this offer immediately.” A trusted advisor gives you time to consider and compare.

4. Asking for money upfront without a clear service agreement

Be wary of anyone asking for payments or fees before providing a clear explanation of services, credentials, or official paperwork.

5. Suspicious contact methods or unofficial communication

If an advisor only uses personal messaging apps, untraceable email addresses, or avoids meeting in person/official settings, this is a warning sign.

6. Unsolicited offers or cold calls

Be extra cautious with unsolicited calls, social media DMs, or emails from unknown “advisors.” Always verify their background before engaging.

How to check if an advisor is licensed in Malaysia

1.Ask for their license and check with official sources:

• • Insurance and financial advisors must be registered with Bank Negara Malaysia (BNM) or the Securities Commission (SC).
• • You can verify licenses on the official BNM or SC websites, or use platforms like ZiggFin, which only list verified professionals.

2.Look for the “Verified” badge on online platforms:

• • Platforms like ZiggFin review and check all advisor credentials before listing.

3.Read authentic user reviews:

• • Real client feedback can help you spot suspicious behaviour or fake profiles.

4.Report anything suspicious:

• • If you suspect a scam or unlicensed advisor, report them to the authorities or the platform immediately.

Tips for avoiding scams and unlicensed advisors

• • Never trust anyone who promises easy money or guaranteed results.
• • Compare multiple advisors and ask the right questions before signing up.
• • Use only established, compliant platforms that review and verify all advisors.
• • Don’t share sensitive information or make payments until you’re sure of the advisor’s credentials.
• • If something feels off, take your time—don’t let anyone rush your decision.

Frequently Asked Questions (FAQs)

Q: What should I do if I suspect a scam?A: Stop all communication, do not send money, and report the incident to Bank Negara Malaysia, the Securities Commission, or ZiggFin support.

Q: Can I check advisor credentials on ZiggFin?A: Yes, all advisors listed on ZiggFin are verified and display their credentials clearly. Look for the “Verified” badge on their profile.

Q: What if I’ve already sent money to a scammer?A: Contact your bank immediately to report the fraud and lodge a police report as soon as possible.

Q: Are cold calls from advisors always scams?A: Not always, but always verify their identity and credentials before sharing any information or agreeing to meet.

Conclusion

Protecting yourself from financial scams and unlicensed advisors is more important than ever in Malaysia’s digital age. By knowing the warning signs, asking the right questions, and using trusted platforms like ZiggFin, you can make safer, smarter decisions for your financial future. Remember: The platform does not sell financial products or provide investment advice; all information is for reference only. Start your search for verified, trustworthy advisors on ZiggFin today and keep your finances safe.

🔍 Explore today: www.ziggfin.com

🛡️ Don’t guess who to trust—let the platform filter for you , give your future a steady foundation.

ZiggFin helps you make informed choices. No more guesswork—just facts and local experience you can trust.

“Disclaimer: For informational purposes only. ZiggFin does not sell financial products or provide investment advice. All advisors listed are independently licensed professionals. Past performance does not guarantee future results.”