Investment scams primarily operate through social media and messaging platforms like WhatsApp and Telegram.
CloudSEK found a surge in malicious content on these platforms — over 29,000 fraudulent ads on Facebook and a 81,000 fake investment groups on WhatsApp.
The report covers an in-depth report exposing a troubling rise in investment scams targeting individuals in India and other countries.
These scams primarily operate through popular social media and messaging platforms like WhatsApp and Telegram, and the findings indicate a significant escalation in both the scale and sophistication of these fraudulent activities.
Rising Threats
Starting in early 2024, CloudSEK detected a surge in malicious content on these platforms. The report reveals over 29,000 fraudulent investment ads on Facebook and a staggering 81,000 fake investment groups on WhatsApp.
Furthermore, there are more than 81,000 Twitter accounts mimicking well-known financial institutions, lending an air of legitimacy to these scams.
- Elaborate Deception Tactics
The scammers employ advanced tactics to fool potential investors. By impersonating reputable financial institutions and professionals, they draw individuals into fake investment groups with promises of substantial and quick returns. - These schemes involve stolen data, fake profiles, and manipulated trading platforms, all aimed at deceiving victims and stealing their money.
- These scams are not limited to one region but affect several countries, including India, Malaysia, the USA, Thailand, and Vietnam.
- According to the report, scammers buy personal data at $100 for every 10,000 lines of data containing phone numbers and names.
- They also pay between 10,000 USDT and 30,000 USDT for data from a single site. USDT is a cryptocurrency known as Tether. Since January 2024, the extensive operations have resulted in over 29,000 fraudulent ads on Facebook, 81,000 fake WhatsApp groups, and more than 81,000 impersonated Twitter accounts.
- (FirstPost courtesy)
