Cyber Police Warn of Fake Investment Scams Using Social Media
What happened
The Cyber Police issued an advisory warning against organized investment fraud rackets operating via social media platforms. Fraudsters are creating and circulating AI-generated videos featuring prominent stock market figures and corporate heads to promise lucrative returns. Victims are then directed to instant messaging services like Telegram under the pretense of learning share market trading.
From thehindu.com
Why it matters
The scheme involves victims depositing funds into fraudulent applications that mimic leading trading companies. After allowing small withdrawals to build trust, victims are pressured to deposit large sums and are later forced to pay massive processing fees and taxes when attempting to withdraw their money.
From thehindu.com
Who's involved
- TelegramInstant messaging service used by fraudsters to move victims into trading groups
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The entities involved
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helpline
support or help service provided via telephone
Nothing else this week.
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Telegram
instant messaging service
Related events
- Scammers are using social media platforms like YouTube and Facebook to recruit victims and funnel them into Telegram and WhatsApp groups, leading to official blacklisting by the NASC.
- A Seoul-based firm reported a connection between Telegram and GitHub code, involving stolen login details for cloud services.
- Online groups on Telegram and Discord are hosting sexual abuse material, prompting a police investigation in Trinidad and Tobago.