Investment scams — 5 warning signs, how to check a licence, and what to do if you've been scammed

Daus wants to start with real cases. Names are left out, but all of these happened to Daus’s own audience over the past few months.

• One person was offered a “Phillip Capital investment package”. Pay RM450, and be promised RM9,000 within 3 hours.
• Another had a “Kenanga coach” teaching them to trade, then asking for money to “open a premium account”.
• Several people were DM’d by accounts claiming to be Moomoo representatives on Telegram, invited into a signal group.
• There are also TikTok accounts using Daus’s own name and photo, with a username that differs by just one letter.

Phillip Capital and Kenanga are real, licensed companies. But the people DM-ing them have nothing to do with those companies. Scammers deliberately use a real company’s name, because when a victim googles it, it looks legitimate.

At least four people came close to falling for it. Luckily, they asked first.

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5 warning signs of a scam

If you see one of these five signs, stop. If you see two, it’s almost certainly a scam.

1. A promise of fixed returns, or returns that are far too high

RM450 turning into RM9,000 in 3 hours is a return of nearly 2,000%. Real investing can never promise a fixed return, because nobody knows tomorrow’s price. Even the world’s biggest stock indexes have years that go up and years that lose money, and their long-term average is far, far lower than a promise like this.

Lines like “guaranteed profit”, “100% capital safe”, or “5% daily profit” are signs of a scam, not signs of a good investment.

2. An investment “package”

Real brokers don’t sell “packages”. You open an account, put your own money into that account, and you’re the one who taps buy. If someone asks you to pay for a “package”, a “slot”, an “activation fee” or a “premium account”, that’s not investing.

3. Asking you to transfer money to a personal bank account

This is the clearest sign of all. When you deposit into Moomoo, the money goes into a Moomoo account in your own name, through the Moomoo app itself. There is no step where you transfer money into an individual’s personal bank account, or into a company whose name differs from your broker’s.

If someone gives you a bank account number for “investment deposit”, stop right there.

4. Signal groups, “mentors” and “coaches”

Scammers love pulling victims into Telegram or WhatsApp groups full of people showing off profit screenshots. Most members of that group are fake accounts or accomplices of the scammer. Profit screenshots are easy to fake.

After a few days once you start to trust them, that’s when the “mentor” asks you to deposit into their platform, or pay for a “VIP signal”.

Not every paid trading class is a scam, but many make their money from class fees, not from trading. Seven questions to judge a class before you pay are in day trading vs long-term investing.

5. Pressuring you to decide quickly

“Only 3 slots left.” “Offer ends tonight.” “Don’t tell your family, they won’t understand.”

This pressure is deliberate, so you don’t get the chance to think it through or ask someone else. A real investment is still there tomorrow, next week, and next month.

The “daily task”, “level up” and “commission for inviting people” schemes

This is the type of scam Daus sees most right now, and many victims don’t realise because at first they really do receive small payouts. The pattern is almost the same every time:

• Pay to unlock a “level”. You have to deposit RM100, RM500, then RM2,000 to move up to the next level with “bigger profits”.
• Do daily tasks to earn returns. Like videos, rate products, tap a “grab order” button. Those returns don’t come from real investing. They come from money that later victims put in.
• Commission for inviting people. The more people you bring in, the more you earn. That’s a feature of pyramid or get-rich-quick schemes, not investing.
• Claiming to be “Shariah-compliant” or “registered”. A halal label or an SSM number doesn’t mean it’s licensed to offer investments. Investment licences are checked on the SC website, not at SSM.
• Money can’t be withdrawn until you pay more. When you try to withdraw, suddenly there’s a “tax”, “withdrawal fee”, “security deposit” or your account is “frozen” until you top up. That’s the clearest sign of all, and it’s when many victims lose the most.

If you’re already in a scheme like this:

1. Stop paying, immediately. Money you pay to “unlock” withdrawals will never bring back your old money. It only adds to the loss.
2. Call the NSRC at 997 as soon as possible, especially if you’ve just transferred money.
3. Check the scheme’s name in the SC Investor Alert List, and follow the full reporting steps below.

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Daus’s official accounts

Daus’s only legitimate social media accounts are these three:

• @dausdkofficial
• @dausdk37
• @dauskewangan

Any other account using Daus’s name or photo, including one whose name is almost the same as @dausdk, is an impersonator.

Daus never DMs first to ask for money, ask for a transfer, ask for an OTP, sell a package, or offer a signal. Daus also doesn’t manage anyone else’s money. Everything Daus shares is how to use the app, and what Daus does in his own account.

How to confirm it’s really Daus’s WhatsApp number

The short answer: Daus’s legitimate WhatsApp number is +60 11-2344 3917, the same number on the green WhatsApp button on this site. Any other number claiming to be Daus is an impersonator.

Check these three things before you trust it:

1. Does the number match +60 11-2344 3917 digit for digit? Impersonators love using Daus’s profile photo and name, but their number is different. Don’t look at the photo, look at the number.
2. Who started the chat? Daus doesn’t DM people first to ask for money, ask for a transfer, ask for an OTP, sell a package or offer a signal. If “Daus” is the one who contacted you with an offer, that’s not Daus.
3. Are they asking for payment? Daus’s WhatsApp guidance is free. Daus doesn’t charge class fees, “mentor” fees or “VIP account” fees to teach the app. If anyone asks you to pay in Daus’s name, it’s a scam. How Daus’s free guidance differs from paid coaches is in guidance.

Daus’s only legitimate social media accounts are @dausdkofficial, @dausdk37 and @dauskewangan. Not sure? Message +60 11-2344 3917 directly and ask.

If you come across an impersonator, report that account within the app, and let Daus know so Daus can warn other people.

Even the official Moomoo will not DM you

Moomoo does not DM users on Telegram or WhatsApp to offer signals, packages or bonuses. If you have an issue with your account, contact Moomoo through the channels inside the app itself. How to do that is in the Moomoo customer service tutorial.

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How to check a licence in 2 minutes

Before you hand money to any company or individual, check these official sites. Every link below goes straight to the checking page, not the site’s front page.

1. SC Investment Checker: licensed or not? This is the Securities Commission (SC)’s official checking tool.

1. Open sc.com.my/investment-checker.
2. Choose whether you’re checking an individual or a company, then type the name (or the company registration number).
3. Read the result. A legitimate name appears as a licensed or registered party, for example a licensed representative or Marketing Representative. If the name doesn’t appear at all, or appears in a warning section, don’t go any further.

Legitimate stockbrokers, fund managers and their representatives are all listed there. Try it once with the name Moomoo Securities Malaysia so you know what a legitimate result looks like.

2. The SC Investor Alert List. This is a list of companies, websites and individuals the SC has identified as operating without authorisation. Open the SC Investor Alert List, type the name of the company, app or website in the search box, and search. If the name is on this list, don’t go any further.

3. Bank Negara’s Financial Consumer Alert List. BNM keeps a similar list for illegal financial schemes, including schemes that copy the name of a real company (marked potential clone entity). Open the BNM Financial Consumer Alert List, then use your browser’s find function (Ctrl+F on a computer, or “Find on page” on a phone) and type the name.

4. Check an account number or phone number at Semak Mule. The Royal Malaysia Police runs a site at semakmule.rmp.gov.my. Enter the bank account number or phone number you’ve been given. If it’s ever been reported in a scam case, it will show up there.

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Margin, forex, and household money

Not every loss comes from a scam. Some come from products that are legitimate, but dangerous for someone just starting out.

Margin: when you invest with borrowed money

MarginMarginInvesting with money borrowed from your broker.See it in the glossary → means the broker lends you money so you can buy more than the cash you actually have. It sounds appealing when the market is rising. But when the market falls, your losses double up, and you still have to pay interest on that loan.

Worse, if the value of your holdings drops too far, the broker can force-sell your shares to close out the loan, usually at the worst possible price.

In Moomoo, margin is on by default, so it can get used without you realising.

As a beginner, buy only within the Max Qty to Buy (Cash) limit. The RSP and Cash Plus tutorials explain when margin can get used without you realising.

Forex: why almost every forex offer in your DMs is a trap

Most “forex accounts” offered through Telegram groups or social media “mentors” are foreign platforms that aren’t licensed in Malaysia. The SC and Bank Negara have repeatedly warned that forex trading with unlicensed entities is illegal. If your money disappears into a platform like that, there’s almost no channel to claim it back.

Even when the platform is legitimate, forex trading uses extremely high leverage. A small price move can wipe out your entire capital within minutes.

Household money: the quietest problem of all

Daus has had messages from people wanting to trade to cover their monthly expenses. Daus understands the pressure. But money you need for rent, bills and food next month cannot go into the stock market.

The reason is simple. By the time you need that money, the market might be falling. You’d be forced to sell at a loss, and your household money ends up smaller than before you started. Investing is only for spare money, after you already have an emergency fund.

If you’re drawn to short-term trading, try paper trading first, which uses fake money, until you understand how hard it really is to profit consistently.

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If you’ve already been scammed, do this in order

Time matters a lot. The faster you act, the higher the chance the money can be frozen before it’s moved out.

1. Stop paying, immediately. Don’t pay anything more, even if they say you need an “withdrawal fee”, “tax” or “unlock fee” to get your money back. That’s just a second layer of the same scam.

2. Contact your bank, and the NSRC at 997. The National Scam Response Centre (NSRC) works with banks to try to freeze money that’s just been transferred. Contact your bank too, to block your card or account if your details have been exposed.

3. File a police report. Bring all your evidence. A police report is needed for most follow-up action by banks.

4. Report it to the Securities Commission. If it involves an investment offer or a party claiming to be an investment company, report it to the SC through the official website sc.com.my, or email aduan@seccom.com.my.

5. If your Moomoo account is involved, for example someone got your password or OTP, change your password and trading password immediately, and contact Moomoo customer service. If you were scammed by an account pretending to be Moomoo (for example a “Moomoo admin” on Telegram), also report it to Moomoo customer service through the official channel in the app, so they know the fake account exists.

6. Keep all your evidence. Screenshots of conversations, transfer receipts, the receiving bank account number, profile names, and group links. Don’t delete the chat even if you feel embarrassed.

7. Tell someone close to you. Many victims stay silent out of shame. Getting scammed isn’t a sign you’re foolish. These scammers are professionals, and they target people who are kind and trusting. When you speak up, you help save someone else from becoming the next victim.

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Test yourself

Tick off each one you’re confident about. If everything’s ticked, you’re already more prepared than most people.

I'm ready

0/8 done

• I can name at least 3 of the 5 scam warning signs without looking at this page.
• I know my investment money only ever goes into a broker account in my own name, through the broker's own app.
• I know Daus's three official accounts: @dausdkofficial, @dausdk37 and @dauskewangan.
• I will never give my OTP, password or trading password to anyone.
• I know how to check a licence in the SC Investment Checker and the SC Investor Alert List.
• I know Daus's real WhatsApp number, and that Daus's guidance is free.
• I check Max Qty to Buy (Cash) before buying, so I don't end up using margin.
• I know the NSRC number: 997.

Clear allYour ticks are saved in this browser only.

Once you’re confident, the next step is to help someone you care about start too, the safe way: invite family and friends.