Kuala Lumpur, 1 September 2020: Perbadanan Insurans Deposit Malaysia (PIDM) asks the public to beware of bogus marketing materials using the name and logo of PIDM to promote investments or businesses. Members of the public can refer to examples of marketing materials or documents misrepresenting PIDM’s protection or using PIDM’s name and logo without authorisation at its website pidm.gov.my.
PIDM recently received queries from financial consumers who were shown marketing materials relating to investment or other schemes or products bearing the name and logo of PIDM. Many were asked to make payment to activate PIDM’s protection in order to receive funds from a third party, usually in the form of investment returns from the schemes or services and products.
“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,” said Rafiz Azuan Abdullah, Chief Executive Officer of PIDM.
“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,” said Rafiz.
Rafiz added that member institutions of PIDM are all commercial conventional and Islamic banks, insurance companies; both general and life, and takaful operators, licensed by Bank Negara Malaysia. The full list of PIDM’s member institutions is available at pidm.gov.my.
“Please inform us if you are approached by anyone claiming to collect payment or fees for PIDM’s protection. This information can help us to alert members of the public to be more vigilant in dealing with matters of this nature. Members of the public should also refer to consumer alert lists published by other financial regulators, and check on their respective website to see if a bank account number or phone number has been reported as a scam to the police,” said Rafiz.
Members of the public can reach PIDM at its 1-800-88-1266 toll-free line for more information.
PIDM protects your deposits in the bank as well as your takaful and insurance benefits in the unlikely event of a failure of a member bank or a takaful operator / insurance company.