Fake Online Trading Emerges as Most Damaging Fraud: Shikha
The awareness drive was focused on frauds pertaining to investments such as fake stock tradings and IPO scams.
Hyderabad: During the ‘TG Cyber Jagrukta Divas’, altogether 117 cybercrime awareness sessions were organised with morning walkers and 387 sessions were held with students, senior citizens, housewives, employees working in private firms and public across Telangana on Thursday.
The awareness drive was focused on frauds pertaining to investments such as fake stock tradings and IPO scams. “The fake trading scams have emerged as most damaging cybercrime trends in the state,” Shikha Goel, director of the TGSCB, said. These frauds currently constitute around 26 percent of the total cybercrime complaints and account for nearly 66 percent of the total financial losses, impacting citizens the most, Shikha Goel added.
A key pattern has been observed, wherein victims often falling prey to financial advice, shared through different social media platforms such as WhatsApp and Telegram groups. Posing as market experts, scammers offer stock tips, IPO insights and ‘exclusive investment opportunities’ to the victims. Hence, citizens are advised not to trust these investment tips or advice received via social media, especially from unknown individuals or groups, Shikha emphasised.
“Data indicates that majority of the victims belongs in the age bracket of 22 to 38 years. Among them, employees working in private organisation constitute 33 per cent, followed by students (19 per cent) and housewives (12 per cent). Elderly citizens, especially retired employees both from government and private sectors, also constitute a significant percentage of the victims. Male victims account for 76 per cent while females account for 24 per cent, Shikha, said.
Fraudsters add individuals to groups titled as ‘investment learning’ or ‘premium trading signals’ and share fake dashboards and profit screenshots to create an illusion of legitimacy, TGCSB director, said.
Once the trust is built, victims are induced to invest money with the promise of high returns. Gradually, they are asked to make repeated ‘top-ups’ or ‘processing payments.’ When a victim attempts to withdraw profits, communication is snapped or additional demands are made, resulting in financial losses, she said.
