How to protect yourself from such …

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In a recent incident, a 45-year-old man from Panchkula lost Rs 470,000 after falling victim to a stock market scam.

While scrolling through Facebook, the victim came across a seemingly lucrative investment opportunity.

The advertising promised good returns on investments in the stock market.

Online fraud is becoming more and more common. Fraudsters are constantly finding new ways to deceive unsuspecting victims. In a recent incident, a 45-year-old man from Panchkula lost Rs 470,000 after falling victim to a stock market scam.

The victim, identified as Pushkar Sharma of Amravati Enclave, came across a seemingly lucrative investment opportunity while scrolling through Facebook, reports TOI. The ad promised good returns on stock market investments, which caught Sharma's attention. Intrigued, he clicked on the link provided in the ad, which led him to join two WhatsApp groups.

Also read: Ghaziabad couple loses Rs 3 crore in Facebook-related investment scam: Tips for your safety

After joining the groups, Sharma was advised to download an app called “GSIN” to start trading stocks.

This unfortunate incident is an indication that the number of online fraud cases is increasing and we need to raise awareness about it.

How to protect yourself from such scams

• Check the source: Before clicking on any online advertisement or link, make sure the source is trustworthy. Scammers often create fake ads posing as legitimate companies to lure victims.
• Find out more about the investment: Always do your research before investing money. Read reviews, consult a financial advisor, and watch out for warning signs such as promises of guaranteed high returns.
• Be careful with WhatsApp groups: If you are added to a group by strangers, be skeptical of any advice or links shared there. Scammers often use WhatsApp groups to create a false sense of community and trust.
• Report suspicious activity: If you suspect you are being scammed, report it to the authorities immediately. Early reporting can help prevent further losses.
• Learn about common scams: Stay informed about common scam types and scam tactics. Being aware of these will help you spot suspicious behavior and avoid falling victim to fraudulent schemes.

Also read: Lucknow professor cheated of Rs 2.81 crore by scammers posing as CBI and TRAI officials: How to protect yourself

Online investment scams are on the rise and it is important to stay vigilant to protect your hard-earned money.

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Ayushi Jain

Tech news writer by day, BGMI gamer by night. I combine my passion for tech and gaming to bring you the latest from both worlds. View full profile