BNM Just Added 40+ New Scams to Its Alert List: Here’s How to Check Before You Invest

Why Did BNM Update Its Financial Consumer Alert List?

BNM updated its Financial Consumer Alert (FCA) list on 3 August 2026, adding more than 40 companies, investment schemes, and websites it says are neither authorised nor approved to offer financial services in Malaysia. The update is part of BNM’s ongoing effort to flag entities that members of the public have queried or reported, and it’s a reminder that scam operators are moving fast, often faster than most of us can keep up with.

What makes this update notable isn’t just the volume. It’s the pattern.

What’s the Biggest Red Flag in This Update?

The biggest red flag is the sheer number of “clone” entities, scams built to look like real, licensed institutions. Among the newly flagged names, several appear designed to be mistaken for legitimate players, including entities styled to resemble MIDF Investment, KAF Investment Bank, Manulife, PMB Investment, Moomoo Securities, and Webull Securities. One name, T Rowe Price, was cloned in at least ten separate variations, from “T Rowe Price Ventures” to “T Rowe Price World Ventures” to “T Rowe Price Group Sdn Bhd.”

This tactic works because it borrows trust. If you’ve heard of the real company, a similarly named scheme can feel credible enough to lower your guard, especially when it’s promising returns that sound just a little too good.

How Can You Check If an Investment Platform Is Legitimate?

You can check by cross-referencing the platform against BNM’s official FCA list and its list of licensed financial service providers before you commit any money. Both are publicly accessible on BNM’s website and updated regularly. A few practical habits go a long way here:

1. Search the exact company name against the FCA list, not just a general web search, since scam sites often rank well on Google too.
2. Confirm the entity’s licensing status directly through BNM or, for capital market products, the Securities Commission Malaysia.
3. Be wary of unsolicited investment pitches on WhatsApp, Telegram, or social media, particularly ones using a well-known brand name with slight variations.
4. Remember that if you deal with an unlicensed provider, you typically won’t be protected under the consumer protection laws BNM administers.

Why Do These Schemes Keep Coming Back?

These schemes keep coming back because they’re profitable for the people running them and relatively low-risk to launch, a website, a convincing name, and a promise of high, fast returns is often all it takes. BNM has stressed that the FCA list is not exhaustive; new entities appear faster than any list can capture. That’s why the habit of checking before investing matters more than memorising any single list.

Your Move

1. Bookmark BNM’s FCA list and check it before engaging with any new investment platform, especially one you found through social media or a forwarded message.
2. Verify licensing status directly with BNM or the Securities Commission Malaysia rather than relying on a platform’s own claims or website badges.
3. Run a financial health check → iMoney’s pre-screening tool to get a clearer picture of your finances before making any investment decisions.
4. Stay updated → iMoney’s articles section for the latest scam alerts and personal finance news.