Recently, a shopkeeper in Puttur in Karnataka's Dakshina Kannada district was defrauded of Rs 56.7 lakh in the hope of higher compensation. In fact, the scammers gave the shopper some tasks to complete on YouTube.
A small amount was also paid into his bank account in return. The man was tempted by the money he was earning without much effort. After this, the scammers, after taking the shopper into confidence, joined him in a Telegram group, in which he was asked to deposit money by luring him with a commission. The claim was that this investment would give multiple returns compared to any FD, mutual fund or stock market.
The victim succumbed to the temptation and withdrew from different bank accounts Rs. 56.7 lakhs had been invested. Scammers stopped contacting him after this. Scammers stole all his money. The aggrieved shopkeeper lodged a complaint with the Cyber Economic and Narcotic Crime (CIN) police. Then this fraud came to light from somewhere.
New ways of cyber fraud are emerging these days. Cybercriminals are increasingly using investment and trading apps to dupe people. One needs to be alert and cautious towards them.
So let's go today'In 'Work News' Let's talk about what is an online investment scam? You will also learn that-
- How can we recognize it?
- How to avoid such scams?
Expert: Rahul Mishra, Cyber Advisor (Uttar Pradesh Police)
Q- What is an online investment scam?
Answer- Scammers are finding new ways to make common people victims of cyber scams. For this, social media platforms such as Telegram, WhatsApp or Instagram are being widely used. Scammers first join people in unknown groups to defraud them. These fake websites then lure people with huge returns by investing online in the share market or real estate.
In the beginning, to win people's trust, they also give good compensation, which makes everything seem valid. But when people get greedy and invest large amounts, scammers kick them out of the group.
Apart from this, scammers clone the websites of verified companies, due to which the return amount appears to be many times higher, but everything is fake. The balance shown on the website never reaches your bank account. This scam looks so reliable that even professionals can fall prey to it.
Question- How can we identify an investment scam? Answer- Cyber advisor Rahul Mishra says that scammers trick people by claiming that you can make money very quickly without any risk. Students or people earning extra money through side businesses often fall into these types of scams as they have less knowledge and understanding of online investment methods compared to professionals. To identify this method of fraud, keep the following pointers in mind.
- You have been added to an unknown group, all members of which are new. Group members share screenshots of investment returns, most of which are fake.
- If an investment firm promises very high returns, it may be a scam to lure you in.
- If you are tempted to double your money quickly, be careful. Scammers talk like this to trick people. These are fake apps and websites.
- Scammers pressure you to invest money quickly. For this they also lure offers or cashback through constant calls or messages.
- Fake investment websites are not authentic. Their terms and conditions are not clear. So, please check whether the Website through which you invest money is safe or not.
- Don't invest in a company if you don't know about it. Often scammers create fake companies, which have no authorization, to trick people. The names of these companies are only found on the website or app.
Q- How can you protect yourself from investment scams? Answer- As India is moving from a saving country to an investing country, the cases of investment scams are also on the rise. Through phone calls, social media or fake online trading platforms, these scams can drain your savings before you realize something is amiss. It is very important to take some precautions to avoid such scams.
Q- How safe is online investing? Answer- Investing online is not a problem. It is completely safe. The only question is whether you are investing online through a bank or a reputable financial company or by falling into the trap of a fake scammer. So it is very important to be careful. Every type of investigation should be done before doing any transaction. For this you can also take the help of professional investors.
Q- What kind of precautions should be taken while investing online? Answer- Online trading or investment has become a popular method in today's era. However, some precautions must be taken. such as-
- Always deal with intermediaries registered and authorized with the Securities and Exchange Board of India (SEBI).
- Ignore rumors or advertisements promising big returns.
- Always ask for written documents detailing the investment. Read all documents carefully before investing money.
- If an issue is confusing, clarify it beforehand.
- Always invest only after doing enough information and research about the company.
- Always check the validity of investment. Know where your money is spent.
- Check that your money is not involved in any illegal activity.
- Always check if there is a sudden rise in the stock price without major changes in the company's strategy.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
