PIDM warns public of financial scams

Reiterates PIDM protection is free and automatic

Kuala Lumpur, 24 March 2022: Perbadanan Insurans Deposit Malaysia (PIDM) reiterates that its protection for depositors is free and automatic. Recently, PIDM was alerted to a financial scam that claims it administers special accounts, known as “Akaun Keselamatan”, as part of the investigation procedures by regulatory and enforcement agencies.
PIDM asks the public to be vigilant against individuals and organisations that claim payment for PIDM protection. PIDM also does not administer any special accounts known as “Akaun Keselamatan”. Under the Deposit Insurance System (DIS) administered by PIDM, depositors are protected up to RM250,000 per depositor per member bank.
The public must also beware of bogus marketing materials using the name and logo of PIDM to promote investments or businesses. Examples of marketing materials or documents misrepresenting PIDM’s protection or using PIDM’s name and logo without authorisation can be found at PIDM's Financial Consumer Alert page.


Here are some practical tips to avoid falling for such scams:
  1. Check first before paying – No bank, takaful operator or insurance company will ask you to pay for PIDM protection. If they do, don’t pay and get in touch with us immediately.
  2. Your password is sacred – Your bank, takaful operator or insurance company will never ask you for your online banking password, PIN number or the three-digit number at the back of your debit or credit card.
  3. Take your time – Don’t rush to confirm a purchase or be pressured to make money/investment decisions on the go. Take your time, consult experts, check official sources. Always also offer to make a return call so you are in control of your state of mind, and information you have in hand. Always refer to the official source for information, which you can get in touch by contacting the correct e-mail and phone number. These can be found on official websites, on the back of your debit/credit cards or on your bank statements.
  4. Check, check and double check – Before making any online payment, check the bank account or phone number of the individual you are dealing with on Polis Diraja Malaysia's “Semak Mule” app at Make sure that you are not dealing with a scammer.
A list of financial scams and tips for how financial consumers can protect themselves are also available at Bank Negara Malaysia’s Amaran Scam Facebook page.
The public are also advised to refer to the full list of PIDM’s member institutions at 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.

Issued by:
Corporate Communication Department,
Perbadanan Insurans Deposit Malaysia.
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