Net scams under scrutiny
16 April 2007 (The Star Online)

NISER (National ICT Security & Emergency Response Centre), which manages the country's information technology security, has handed over to Bank Negara names of several websites suspected to be deceiving people using Internet investment schemes.

The centre's chief Lt-Kol (R) Husin Jazir told Berita Harian that the names were submitted after it monitored several websites that conducted Internet investments and were suspected of trying to make huge profits by confusing investors with many attractive offers.

He added that the centre itself had no authority to take action against the websites.

"However, if the Government authorises the closure of any website which is affecting national security, we can do that.

"So far there has been no such directive to close down Internet investment websites," he told the daily.

"Because the Internet investments involve monetary transaction and commodity futures market, Bank Negara and the Securities Commission are responsible for taking legal actions against the webmaster," he said.

Husin was commenting on reports that almost all websites that conducted Internet investment schemes were actually carrying out illegal deposit-taking activities, an offence under Malaysian law.

The National Fatwa Council has ruled that any form of share investment through the Internet that promises a steady profit is forbidden because of the elements of interest and chance.