Outlook Business Desk
The government has warned users about fake trading apps that copy real investment platforms. These apps trick people into depositing money, which never reaches the market, putting users at risk of losing their funds.
According to the alert, some trading apps are made to closely imitate real investment platforms. Users are enticed with promises of high returns, but deposited funds are never invested, putting their money at serious risk.
Officials highlight that many victims are targeted through social media promotions, messaging apps or unsolicited links. Users are persuaded to download these apps, believing they are authentic, before being prompted to deposit funds for so-called investment opportunities.
Meanwhile, fake trading apps divert money directly to accounts controlled by fraudsters. Users may see false profit dashboards that encourage more deposits, but eventually the app becomes inaccessible, leaving victims with significant financial losses.
Authorities warn that the sophistication of online scams is increasing as cybercriminals use advanced technology to imitate trusted platforms. Users are advised to remain cautious and thoroughly verify any investment platform before transferring funds.
The government recommends users always confirm bank account details through official tools provided by market regulators. This ensures funds are sent to authorised entities, reducing the risk of falling victim to fraudulent trading applications.
Users should also check the authenticity of UPI handles or payment gateways linked to trading apps. Scammers often use fake or mismatched payment details, so verifying these credentials is essential to avoid losing money to fraudulent platforms.
Users should look for a ‘Verified’ badge or certification before downloading any trading app. This helps identify legitimate platforms, build user confidence, and reduce the risk of financial losses from fake apps pretending to be trusted investment services.
Users who suspect a trading app scam should act immediately by contacting the national cybercrime helpline at 1930 or filing a complaint on the official cybercrime reporting portal to report the incident and protect their funds.