IOI Group has warned consumers that its name and emblem have been fraudulently used by unscrupulous individuals in various forms of cross-border fraud, investment fraud, advanced fee scams and similar scams (sent by virtual communication such as email and WhatsApp, or hard-copy letter) to induce potential investors.
According to the company, these identity fraud and financial fraud include phishing attacks, in which the names of IOI Group officials have been misused to deceive recipients into disclosing personal and financial information, and spoofing attempts, in which a false copy of IOI Group Investment’s website has been created with false contact information, to mislead potential users.
The warning came after the company discovered a number of unauthorised individuals or organisations falsely using "IOI Group Investment". IOI Group said this is done in an attempt to defraud members of the public and potential investors via any unsolicited telecommunication or other unsolicited communications purportedly originating from, or implying an affiliation with IOI Group or any of its subsidiaries within its group of companies.
"We affirm that IOI Group is not involved in any unsolicited capital markets investment to individuals. We are a leading global integrated and sustainable palm oil player that is listed on the Main Market of Bursa Malaysia Securities and trading as MYX: 1961. Our operations consist of the plantation business which covers Malaysia and Indonesia, while our downstream resource-based manufacturing business includes refining of palm oil as well as manufacturing of oleochemical and specialty oils and fats, which has a growing presence in Asia, Europe and USA," it said in a statement.
The group added that it does not operate through other agents nor endorse any activities of any bank, financial institution, or other public or private agency. It also stressed that IOI Group is neither the author of, nor in any other way associated with such fraudulent activities.
IOI Group does not issue or guarantee any obligations called 'Trading Platform', 'Forex Trading Account', 'CFD', 'Wallet App' or the like, nor do we extend any credit lines through commercial banks or other agencies.
"Moreover, we do not guarantee any financial instruments issued by any member country or any other entity. We do not sponsor investment programmes, 'high-yield financial programmes' or issue to countries or to outside parties a 'IOI Group number', 'IOI Group Company Registration Number', or the likes," it said.
IOI Group added that any offers, benefits, contents or instructions presented in such misleading communications impersonating IOI Group do not represent the organisation. "If any such entity fraudulently representing IOI Group approaches you, refrain from responding to them. We urge members of the public to be cautious and vigilant, and not fall victim to this scam," it said.
Scams are a commonplace in today's digital world, with entities such as Singapore's Public Utilities Board, for example, embroiled in a scam seeking ad support for digital media and print publication in August. Meanwhile earlier this year, AirAsia alerted consumers of a Facebook scam under the guise of a "Tony Fernandes Foundation". The impersonator cited a Tony Fernandes Foundation offering opportunities to assist in projects and offer financial assistance in exchange for membership of the fictitious foundation. Users were instructed to contact a personal assistant named Mark Kelvin, who will ask for a membership fee to join the Tony Fernandes Foundation.
More recently, Malindo Air also warned consumers of a fake website selling its tickets illegally via flymalindoairways.com. The airline said that the illegal website was found selling its air tickets via a dubious payment gateway that has not been registered with the airline’s system and all purchases made through the impersonator’s website are not captured in the airline’s database.
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