Public alerted to marketing scam involving PIDM

KUALA LUMPUR: The public is urged to be on the alert for bogus marketing materials bearing the Perbadanan Insurans Deposit Malaysia (PIDM) name and logo to promote investments or businesses.

PIDM chief executive officer Rafiz Azuan Abdullah has invited Malaysians to refer to examples of marketing materials and documents misrepresenting PIDM’s services and using PIDM’s name and logo without authorisation at its website:

He said fake investment-related marketing materials were received by PIDM recently from financial consumers, together with spurious products bearing the name and logo of PIDM.

Recipients of the materials were asked to make payment to activate PIDM’s protection to receive funds from a third party, usually in the form of investment returns, from the schemes or services and products, he added.

“I would like to emphasise that the protection provided by PIDM to bank depositors, takaful certificate and insurance policy owners is automatic and free. No sign-ups and payments are required.

“The public is also reminded that PIDM’s protection does not cover loans and other non-deposit products such as unit trusts, stocks and shares, and gold and silver related investment products,” Rafiz said.

He added that PIDM member institutions comprise all commercial conventional and Islamic banks, insurance companies (both general and life), and takaful operators which are licensed by Bank Negara Malaysia.

The public is advised to inform PIDM if they are contacted and invited to collect payment or fees for “PIDM’s protection”.

Call PIDM at its toll free line 1-800-88-1288 for more information.

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