The Indian government has issued a new alert warning investors about the increasing number of fraudulent activities on stock trading apps and platforms. PIB FactCheck has shared an important warning for users on X (formerly known as Twitter). The Fact Check Unit of the Press Information Bureau (PIB), under I&B ministry, has asked the users to remain cautious as cybercriminals are using fake profiles to scam people in stock trading groups.
What is the warning
PIB Fact Check in its post on X (formerly known as Twitter) has asked the users to stay alert. “New Scam Alert ! : Cybercriminals with fake profiles and scam #stock trading group links are following victims on @X. #StockMarketScam @MIB_India
@HMOIndia @GoI_MeitY,” reads the post.
The message further adds that the cybercriminals are creating fake ‘X’ profiles to follow target victims. The fake profiles also consist of links to the fake stock trading group.
“Verify the identity of an unknown person before initiating any financial transactions,” added PIB FactCheck in the post.
Tips to stay safe from online trading scams
- Beware of “guaranteed returns”: If someone promises you guaranteed returns on an investment, it’s likely a scam. There’s no such thing as a risk-free investment.
- Don’t be pressured: Scammers often use high-pressure tactics to persuade victims to invest quickly. Take your time and do your research.
- Check the broker’s registration: Make sure your broker is registered with the appropriate regulatory authority.
- Be wary of social media influencers: Some
social media influencers may promote fraudulent investment schemes. Do your own research before investing based on their recommendations. - Use a reputable trading platform: Choose a well-established and regulated trading platform.
- Keep your software updated: Ensure your computer and mobile devices have the latest security updates to protect against malware and phishing attacks.
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