Rakuten Trade hits back at firms misusing its name for online scams with police report

Digital equities trading platform Rakuten Trade has lodged a report with the Malaysian police and Malaysian Communications and Multimedia Commission (MCMC) on individuals and companies that have misused the name and falsely represented the company in various online investment scams. Rakuten Trade is a joint venture between Malaysia's Kenanga Investment Bank and Japan's Rakuten Securities, part of Rakuten Group which also includes Rakuten Marketing.

The spokesperson told A+M that the public is advised not to entertain such claims as these are fake, and Rakuten Trade has no affiliation with these unauthorised parties. The statement comes after media reports last week allegedly named the company for being involved in online platform scams, Bernama reported

Its spokesperson clarified that since 27 April 2017, the company has held a Restricted Capital Markets Services Licence issued by Securities Commission Malaysia. This licence allows it to conduct equities trading activities and provide investment advice as a licensed broker. The company is also listed on the SC's Public Register of Licence Holders.

"All trades are directly executed by our clients using the official Rakuten Trade website or via the Japanese trading app iSpeed.my," the spokesperson said, urging the public to reach out should they have any questions. Separately in March this year, Rakuten Trade warned consumers on Facebook about copycats - Rakuten Trading MY, Rakuden Malaysia, Rakuten Trade Online and Rakuten Malaysia - offering various "investment plans" at a cost or requesting payment on the company's behalf. The company added that these copycats also managed to publish Facebook ads.

"As you know, your privacy and security are one of our biggest priority. Please note that the below are our real Rakuten Trade landing page and social websites and we do not work with third parties to 'help' you in any way," the company said. 

rakuten trade scam

Over the years, companies have been a target of online scams. In April, AirAsia alerted consumers of an ongoing Facebook scam under the guise of a "Tony Fernandes Foundation". According to the airline, the scam features an individual impersonating Fernandes and reaching out to Facebook users via Messenger. The impersonator cites a Tony Fernandes Foundation offering opportunities to assist in projects and offer financial assistance in exchange for membership of the fictitious foundation. 

In 2019, BIG Loyalty got pulled into another online scam concerning an email with the subject title "AirAsia Big Loyalty Bonus". It warned consumers to be cautious and always refer to the airline's official website and social media channels for the latest company news, activities or promotions.

Meanwhile, Carousell tied up with Singapore's Government Technology Agency last July to launch online identity verification feature for users, a way to combat the increasing number of fraud and scams. The feature enables the verification of user profiles via MyInfo, allowing users to deal with authenticated accounts.

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