Upstox has detected fake channels, such as 'Upstox Facilities Group' and 'Upstox Investment Academy', that falsely claim to be affiliated with Upstox. (Representative image)
To avoid falling victim to phishing scams, Upstox has shared some crucial steps.
Financial services platform Upstox has issued a warning about the rise in phishing scams targeting investors. With the growing adoption of artificial intelligence, Upstox said it has observed cases across all industries where people are trying to impersonate brands and defraud the general public.
Also Read: Share trading scam: Men from Thane and Nagpur lose billions of rupees while giving fake tips on WhatsApp and Instagram
While investigating such attempts, Upstox’s cybersecurity team identified common patterns, such as the creation and use of fake social media accounts, apps, WhatsApp groups, and websites impersonating Upstox and offering educational courses, stock tips, and promising guaranteed returns.
Fake social media channels
Upstox has detected fake channels, such as 'Upstox Facilities Group' and 'Upstox Investment Academy', that falsely claim to be affiliated with Upstox and impersonate Upstox employees. These groups claim to conduct stock market education courses and sessions under the name of Upstox, the platform said.
Tier 2 and Tier 3 customers are particularly affected by these phishing scams due to lack of awareness and limited access to trusted sources of information.
Ravi Kumar, Co-Founder and CEO of Upstox, said, “We take the safety of our investors very seriously. We are committed to providing a safe investment environment and request all investors to transact only through our official channels. Please help us spread the word and stay vigilant. Our goal is to ensure that all investors can transact with confidence and peace of mind.”
The wealth management platform added that its representatives will never ask users to transfer money through any link or make cash payments.
To avoid falling victim to phishing scams, Upstox has shared some crucial steps:
1. Check the legitimacy of the broker: Always do thorough research before committing to any person or platform. Look for SEBI registration and Stock Exchange membership to ensure credibility.
2. Beware of unsolicited offers: Be wary of unexpected calls, emails or messages promising quick profits. Block and ignore these types of communications to avoid falling victim to scams.
3. Check communication channels: Pay close attention to the communication channels of brokers offering fast returns. Upstox always uses its official channels, details of which are provided at the end of this blog.
4. Protect personal information: Keep sensitive information private, especially when dealing with unknown people or suspicious requests. Upstox or its employees will never request personal data without proper verification.
5. Report suspicious activity: Immediately report any suspicious activity here
Upstox reiterated that its employees will never request personal or financial information through unofficial communication channels.
Upstox will not share information about stocks that offer guaranteed returns. Investors are urged to remain vigilant, verify all communications and report any suspicious activity immediately. Upstox accepts no liability for transactions made improperly as a result of fraudulent activity, the company added.
