PIDM does not protect money lost to scams!

Dear editor,

On 1 April 2021, the Federation of Malaysian Consumers Association (FOMCA) and the National Consumer Complaints Centre (NCCC) alerted Malaysian consumers on the sudden spike of scam-related complaints and asked them to be cautious and remain alert of such scams.

Perbadanan Insurans Deposit Malaysia (PIDM), as a statutory body that provides protection for financial consumers, is concerned about this issue.

PIDM wishes to inform the public that PIDM only protects deposits kept in banks that are member institutions of PIDM. This is in accordance with the mandate given to PIDM under the Akta Perbadanan Insurans Deposit Malaysia.

Depositors may check the list of PIDM member institutions at:
  1. (for the list of member banks)
  2. (for the list of insurer members)
PIDM does not protect investments, such as tokenised funds and crypto currencies, as well as balances in an electronic payment instrument such as e-wallets, as of today.

Through our monitoring, PIDM has also come across entities that misuse PIDM's logo and reel in unsuspecting consumers by making them believe that those 'investment' products are protected by PIDM. Members of the public are encouraged to check the list of 'investments' that misuse PIDM's logo at

Members of the public are advised to be vigilant and refrain from sharing information on their social media accounts regarding their financial circumstances, in particular when they involve huge amounts of money. Without realising, you may have become a target for scammers who now have information about your savings and/or investments.

Members of the public are also advised to be careful and practise caution before putting money into an 'investment'. If you are unsure, put it on hold until you are certain about the authenticity of that investment product. You can also check with other authorities; for example, the Securities Commission on the authenticity of these companies, digital platforms and ‘investment’ products that are being promoted to you. is a portal by the Malaysian Communications and Multimedia Commission (MCMC) that members of the public can also visit to verify the authenticity of information shared on social media platforms.

Here are some practical tips to remember:
  1. Check first before paying – No bank, takaful company or insurance company will ask you to pay for PIDM protection. If they do, don’t pay and get in touch with us immediately.
  2. Your password is sacred – Your bank, takaful company or insurance company will never ask you for your online banking password, pin number or the three-digit number at the back of your debit or credit card.
  3. Take your time – Don’t rush to confirm a purchase or be pressured to make money/investment decisions on the go. Take your time, consult experts, check official sources. Always also offer to make a return call so you are in control of your state of mind, and information you have in hand. Always refer to the official source for information, which you can get in touch by contacting the correct e-mail and phone number. These can be found on official websites, on the back of your debit/credit cards or on your bank statements.
  4. Check, check and double check – Before making any online payment, check the bank account or phone number of the individual you are dealing with on Polis Diraja Malaysia's "Semak Mule" app at Make sure that you are not dealing with a scammer.
Always be suspicious whenever someone unexpectedly contacts you and asks for your personal information. Regardless of how authentic an e-mail or website might look, a rule of thumb is to only respond to e-mails, text messages, voice mail or calls from a known individual or organisation.
PIDM does not protect money that is lost to scams. It's better to be careful than to regret.

Ivlynn Yap is the General Manager, Communications and Public Affairs, Perbadanan Insurans Deposit Malaysia (PIDM).

Issued in 2021

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