Surging investment scams prey on victims with enticing promises; stay vigilant with these fraud prevention tips.
Cyber crime: Scammers are on the rise, employing various tactics to deceive people, often promising enticing returns. Recently, a Bengaluru software engineer fell victim to a scam, losing Rs 50 lakh. The National Cyber Crime Portal (NCCP) reveals numerous such cases, where individuals have lost money in pursuit of high profits.
How scammers operate in investment frauds:
Scammers often initiate contact via WhatsApp, Telegram, or foreign phone numbers, sometimes even through social media. They entice victims with the promise of substantial returns. Initially, if a small amount is invested, they might provide returns once or twice. Subsequently, they persuade the victim to invest more, promising even higher returns. Once a significant amount is invested, the scammers disappear, blocking all contact.
Tips to avoid falling for scams:
1. Choose reliable investment sources: Only invest through trusted and reputable platforms.
2. Verify links: Be cautious when clicking on links in WhatsApp, email, or Telegram. Verify their authenticity.
3. Consult financial advisors: Consult with a financial advisor before making any investment decisions, especially if the returns seem too good to be true.
4. Consider low-risk options: For those averse to risk, consider investments in bank fixed deposits, government bonds, and government schemes. These options offer security and guaranteed income.
Rising cases of fraud:
According to the Reserve Bank of India, there were 13530 reported banking fraud cases in the financial year 2023 a significant increase from the 9097 cases reported in the financial year 2021-22. Scams continue to pose a growing threat to individuals’ financial security. Stay vigilant and exercise caution when considering investment opportunities.
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