The Telecommunications Regulatory Authority launched a campaign on "Investment scams", in partnership with the Securities and Commodities Authority, to raise the public’s awareness of fraudulent practices of online investment companies. This campaign comes in response to inquiries received by the Telecommunications Regulatory Authority through social media and other channels on the subject of online investment.
The campaign activities and initiatives aim to shed light on the proper methods of online investment, its legitimate and legal methods, and the licensed investment entities in the country.
Commenting on the campaign, Eng. Mohammad Al Zarooni, CEO of Policies and Programs Department, said: “Raising awareness of such risks is at the core of communication efforts in today's world, and we, at the Telecommunications Regulatory Authority, work according to strategic goals that include community service in various means and methods.”
He clarified, “This campaign is part of the authority’s social responsibility and its role as the entity responsible for promoting digital lifestyle. The “investment scams” awareness campaign is a continuation of the numerous campaigns we have undertaken to enhance awareness of risks and legal aspects related to many behaviors that affect daily life of various segments of society in dealings with digital tools, websites and others. "
Eng. Al Zarooni added: “It has been noticed recently that online investment has increased, and out our responsibility for telecommunications, digital government and smart services, we have coordinated with the Securities and Commodities Authority to highlight the methods of proper investment over the internet, and how to avoid falling victim of scammers and fraudsters in this vast field.”
The Telecommunications Regulatory Authority focuses in this campaign on guiding investors in dealing with fake advertisements and misleading campaigns that they receive via Internet in general, communication channels and social media. The Guidelines include a set of necessary procedures such as checking the promotor’s licensing and accreditation, as well as verification from the country of incorporation to which the promoter belongs, reviewing the investment prospectus, and the prospectus for the offered investments.
The campaign also includes publishing general guidelines to prevent fraud in the investments field, such as verifying authorizations and licensing, not being drawn into achieving quick financial gains or false returns, and questioning investments that guarantee a very high percentage of returns or profits.