05/08/2024
How to Protect Yourself from Telegram and WhatsApp group Scams in Stock Market/ Share Market.
To avoid falling prey to Telegram and WhatsApp scams in India associated with the stock market/share market, consider the following important points:
Beware of Unrealistic High Returns
Exercise caution when offered promises of doubling or tripling your money in a short time.
As an investor, you should keep your greed in check. As per some published research pieces, the stock market generally yields 12% to 15% returns over three to five years, and hence, the promise of higher, guaranteed returns should serve as a major red flag.
Verify SEBI/RBI Licences for Investment Tips
Be wary of unsolicited investment advice. You must always verify the credentials of anyone offering financial tips.
If you are in a finance-related WhatsApp group, request the admin's registration number and verify it with SEBI or other relevant authorities. Stick to verified accounts on WhatsApp or Truecaller.
Beware of WhatsApp or Telegram Groups
Scammers often use stock market WhatsApp groups to pose as stock market experts, sharing fake success stories with the help of accomplices.
Links shared in these groups often lead to phishing scams that steal money from bank accounts. Avoid clicking on suspicious links or opening attachments sent via WhatsApp messages, even if they come from a known person.
Check the Legitimacy of New Apps or Websites
Before investing through any app, ensure its legitimacy by checking for a SEBI licence for stock investing apps or an RBI licence for NBFCs.
Avoid downloading APK apps that are not listed on the Google Play Store or Apple Store. Be cautious of unsolicited messages offering prizes, lottery, loans or high-return investments.
Protect Your Passwords and OTPs
Regularly change your passwords and enable two-factor authentication. Never share your financial information, passwords or login credentials, even if the request seems legitimate.
