If you are planning to invest in the stock market and relying on social media accounts advising on trends or which stock to buy, there are chances that you will lose your money. Importantly, if a prominent person is advising on stocks and the stock market on a video, there are chances that you will be duped in that case too.
Fake stock market investment scams are the new fraud that’s becoming a challenge for law enforcement agencies and for the government. According to a latest communication from the Central government, there has been an alarming increase in such fake stock market investment complaints. There is also a rampant use of deepfake videos of prominent persons to lure and convince investors.
There is no estimate of how much money people have lost due to this type of fraud. “With the increasing adoption of digital communication platforms like Instagram, Facebook, WhatsApp, and Telegram, there has been an alarming increase in complaints of fake stock market investment. Cybercriminals exploit these platforms to lure unsuspecting citizens to invest in these fraudulent financial instruments, leading to significant financial losses,” it said.
Further, the Ministry of Home Affairs’ latest advisory claims that, “Sponsored Advertisements featuring deepfake videos and images of prominent individuals are currently being disseminated across platforms such as Facebook, Instagram, and Google, which are redirecting users to fraudulent WhatsApp/Telegram groups operated by cyber fraudsters, falsely presented as legitimate trading groups, investment advice platforms, or financial advisors.”
An official told News18 that social media accounts which are without any authorization and have been suggesting the public to invest in a particular stock are under the scanner. A few accounts also suggest stock-wise monetary investment and ask them to invest in a particular stock. “They will ask you to invest through their telegram account and add people. They dupe people by asking for money and also ask them to invest in a particular stock. In a few cases, it was found that fraudsters used deepfake videos of prominent persons to influence the public. Many Social media accounts are under scanner,” an official told News18.
In fact, SEBI has asked investors to exercise caution and to steer clear of any social media messages, WhatsApp groups, Telegram channels, or apps claiming to facilitate stock market access through FPIs or FIIs registered with SEBI.
Modus Operandi
These fraudsters promise and recommend at multiple levels. Within these groups, cyber fraudsters disseminate information regarding the stock market, stock tips, live classes, and lure citizens to open Institutional Accounts with them to gain maximum profit through confirmed Initial Public Offering (IPO) allotments.
Cybercriminals share Play Store/App Store links or APK files of fake trading applications with potential victims for trading purposes. Later, they ask for a Deposit of Money. Indian mule bank accounts are given to potential victims for depositing money, initial payouts are made to gain trust, and after a significant amount is deposited, fraudsters stop communication and the citizens become victims of cyber financial fraud.
Check Lok Sabha Election 2024 Phase 3 Schedule, Key Candidates And Constituencies At News18 Website.
Comments
0 comment