Grassroots Centre for Clean Corporates Asia (GCG Asia) Commissions Scam Index in Malaysia to Track the Prevalence of Fraud
KUALA LUMPUR, MALAYSIA / ACCESSWIRE / July 2, 2021 / The Grassroots Centre for Clean Corporate Governance Asia (GCG Asia) announced a GCG Asia Scam Index Malaysia in a tie-up with data company Guardian Capital Analytics to track the prevalence of fraud in the country.
GCG Asia’s CEO Julie Chen said that GCG Asia’s Malaysia Scam Index is part of its mission to combat fraud and scams by providing the public with information and tools that can be used to track and assess the seriousness of the problem in Malaysia. “The Grassroots Centre Grassroots Centre for Clean Corporate Governance Asia (GCG Asia) combats scams and fraud through its advocacy work on behalf of the Malaysian public. The GCG Asia Malaysia Scam Index will be a tool towards fighting this very serious crime that is plaguing the country,” said GCG Asia’s CEO Julie Chen in an official announcement.
Data company Guardian Capital Analytics, a data and artificial intelligence company that uses proprietary algorithms to extract trends and patterns in the social environment, said that it was proud to use its expertise towards public service. “We are excited about this collaboration with an organisation that has such a noble cause. Working on GCG Asia’s Malaysia Scam Index will offer a tool for policy makers, the public and other stakeholders to better examine, analyse and devise ways to fight fraud,” said Guardian Capital Analytics CEO Mark Lucas.
Malaysia has seen an enormous rise in various scams such as so-called boiler room scams, investment scams, Macau scams, money games and Ponzi schemes said GCG Asia’s CEO Julie Chen. “According to GCG Asia’s review, scams in Malaysia have always been a concern, but with the acceleration of technology available to scammers, scams are now more prevalent than ever as can be seen by latest news reports and daily headlines. Economic conditions are making scammers more desperate which is exacerbating the problem. Hence, GCG Asia’s Malaysia Scam Index is timely,” explained CEO Julie Chen.
She added that GCG Asia counterparts in Singapore, Indonesia, Cambodia and other countries across South-East Asia and in Japan are also experiencing increases in reports of scams and fraud. “Therefore, we hope that GCG Asia’s Malaysia Scam Index can be replicated to other countries in the region in order to expand the reach of the tool,” said GCG Asia CEO Julie Chen.
GCG Asia’s scams in Malaysia latest research emphasises how these scams operate and the significance of educating customers, especially those who may be vulnerable to a particular scam. “Our research explains how these scams operate and emphasizes the necessity of educating older persons and others who may be vulnerable to them. Anyone could fall victim to these con artists because they are so skilled at what they do,′ said GCG Asia Malaysia Scam Index Research Lead Michael Raj.
Julie Chen also explained that Malaysia is prone to scams in forex brokerages and cautioned traders and investors to be alert and on the lookout for potential fraud. ” Millions of ringgit is lost each year in Malaysia to scams. We advise the public to always conduct due diligence in any personal or business arrangement. For example, investors should check if your broker is legitimate. Scammers are out to exploit any loopholes, so before trading, be alert for scams,” said GCG Asia’s Malaysia Scam Research Lead Index Michael Raj.
Since 2019, Grassroots Centre for Clean Corporate Governance Asia (GCG Asia) has mooted the idea of developing an algorithm for tracking an index for fraud but it wasn’t until Guardian Capital Analytics came on board that the GCG Asia Malaysia Scam Index seemed possible. With pooled resources the two organisations began actively collaborating on the project at the end of 2020. The results of the GCG Asia Malaysia Scam Index is due to be unveiled in latter half of 2021, said GCG Asia’s Malaysia Scam Research Lead Index Michael Raj.
Grassroots Centre for Clean Corporate Governance Asia (GCG Asia) is a Malaysia-based non-governmental organization advocating for the public on financial fraud.
For more information:
Website: Rev Access
Kuala Lumpur, Malaysia
SOURCE: Grassroots Centre for Clean Corporates Asia (GCG Asia)
View source version on accesswire.com: