The Securities and Futures Commission plans to introduce a virtual trading simulator to educate investors following various ramp-and-dump scams, said in its Facebook page.
The stock market has been flooded with social media ramp-and-dump scams over the past year. The swindlers, who pretended to be professionals, took advantage of retail investors' desire to make quick money to convince them to buy certain shares.
In a Facebook post, the SFC said it has been actively combating investment fraud and has reminded investors to remain vigilant through various channels. Now, the SFC announced on the social media platform that it will launch a brand-new simulation experience to enhance the public's precautionary awareness of investments.
The SFC's Investor and Financial Education Council has also launched an IFEC Anti-Scam Unit for the public to test their own alertness to online scams.
In mid-March, the SFC issued restriction notices to 15 brokers, prohibiting them from dealing with or processing certain assets held in 32 accounts related to a suspected social media ramp-and-dump scam involving the market manipulation of the shares between November 2019 and November 2020.
