Outlook Money
In India, there are many cases where investment frauds have been reported. These are usually done by using various techniques like sending unknown links and being lured by fake applications, etc.
Scammers target potential victims through social media ads. Victims are usually targeted with certain ads on social media apps like Instagram or Facebook etc which lead them to join a particular social media group where fake investment options are given.
Scammers also fraud people by creating fake social media groups or websites with names and logos that closely resemble those of established firms, hoping to trick victims by making them believe they are interacting with a legitimate organization.
There are different steps and ways that the fraudsters follow to trick people like by rigged trading platform-where they send an app with seemingly genuine opportunities. It is followed by initial investments in stocks through apps and illusions of success and virtual profits that keep victims investing.
Scammers often intimidate the victims by using tricks like pressuring them to invest more and blocking withdrawal- making withdrawing funds impossible for victims, and executing the ultimate scam.
To not fall into scams, one should check the broker's legitimacy, beware of unsolicited offers, verify communication channels, protect personal information and report suspected scams.
Compiled by Syed Muskan