PETALING JAYA: Online trading platform Moomoo Malaysia has condemned the misuse of its name and brand by online scammers.

In a statement, Moomoo Malaysia acknowledged a recent incident involving a 57-year-old engineer who lost RM275,000 to an online investment scam falsely using the name "Moomoo".

"We would like to clarify that Moomoo Malaysia has no affiliation with any third-party platform involved in this scam, and we strongly condemn the misuse of our name and brand to deceive the public," it stated on Wednesday (July 2).

Moomoo Malaysia emphasized that as a regulated platform licensed by the Securities Commission Malaysia (SC), it does not collaborate with external platforms or third-party applications to offer investment schemes.

"All official communications and transactions are strictly conducted through the Moomoo app, website, and verified support channels," it added.

Moomoo Malaysia expressed sympathy for the victim who lost RM275,000 in the investment scam.

"The tactics employed by scammers have become increasingly sophisticated, often impersonating trusted brands like Moomoo Malaysia to exploit vulnerable investors," it said.

The company urged the public to stay vigilant and emphasized that it will never request personal information such as passwords, PINs, or one-time passcodes, nor does it provide investment tips or financial advice via social media platforms.

It also clarified that it never asks users to make deposits, transfers, or transactions through third-party platforms, external apps, or unofficial links.

"Our priority remains the safety and trust of the Moomoo community," it stated.

For support and verified updates, Moomoo Malaysia advised the public to contact them directly at support@my.moomoo.com, via their hotline at +603 9212 0708, or visit www.moomoo.com/my.