Investment Scams: Social Media as a Medium, 29,000 Fake Ads on Facebook
Social media has become a popular platform for investment scams. Scammers use deceptive advice and promises of high returns to entice people to invest. CloudSEK, a cybersecurity firm, has reported a significant increase in investment scams on platforms including WhatsApp, Facebook, Twitter, and Telegram.
According to their findings, Facebook has over 29,000 fake investment advertisements, and WhatsApp hosts approximately 81,000 fake investment groups. These figures were discovered during the first six months of this year. Scammers are reported to earn around ₹41,000 per month from these schemes. They introduce themselves as representatives of reputable institutions and persuade people to join specific groups. They offer quick and high returns on investments.
Online Sambalpur Is Now On WhatsApp!
Join us for the latest news updates delivered directly to your WhatsApp.
Subscribe Us On YouTube!
Join us for the latest news updates and video content delivered directly to you.
Once individuals join these WhatsApp groups, scammers post a variety of fake testimonials and reports showing high returns, making them appear authentic. Victims frequently realize they’ve been scammed after making their first investment. Scammers use this method to steal and sell personal information as well.
According to CloudSEK, over 81,000 fake Twitter profiles are posing as representatives of prestigious financial institutions.
For these investment frauds, scammers primarily target people in India, Malaysia, America, Thailand, and Vietnam. According to the Indian Cyber Crime Coordination Centre, from January to April this year, Indians have lost around ₹17.6 lakh crore to cyber criminals.
