What Is Family Member Arrest Scam?

Earlier this year, a 32-year-old woman was lured into a telegram group that promised incredible stock market returns. Convinced by the group's 'expert gurus' and false success stories, she invested nearly ₹25 lakhs. Then her 'gurus' vanished overnight, her investment disappeared, and the truth that she had been scammed struck her like a punch to the gut.

Incidents like these are widespread. With the rise of online investment groups, scammers have found a new way to exploit people's financial hopes. The Kotak811's #ScamKaSiren campaign is a wake-up call. It aims to protect you from traps of get-rich-quick schemes, helps you spot red flags, stay informed and keep your money safe.

Different Types of Group Scams

It's essential to understand different types of scams that circulate in online groups on Telegram and WhatsApp to stay cautious:

• The Inside Tip Scam: Scammers bluff people by telling them they have inside information about a stock set that's going to skyrocket. They might say fabricated stories like, “I know someone at some company who is ready to announce something big, so invest now.”
• Guaranteed Returns Scam: In this money fraud scheme, scammers use fake promises of "guaranteed returns" by offering impossible investment deals such as "Receive ₹1 lakh from ₹10,000 in a month."
• Fake Experts Scam: Scammers act like financial experts by creating fake credentials and then creating credible-looking groups where they can scam people.
• The Pressure to Act Now Scam: Scammers force you into making hasty decisions by claims like “You have only an hour to grab this opportunity. Don't miss out!”
• The Ponzi Scheme Scam: Scammers implement the "Ponzi Scheme" Scam by making early investors receive payments through funds from newer investors, thus creating artificial success indicators. Eventually, the scheme fails, and people lose their money.

How Scammers Exploit WhatsApp and Telegram

Scammers use these apps for several reasons:

• Mass Reach: Through these groups and broadcast lists, they quickly reach massive audiences at once.
• Personal Approach: Messages on WhatsApp and Telegram feel more personal and direct, which increases the chance of successful manipulation.
• Anonymity: Detection of online fraudsters is rarely possible through these platforms because they allow anonymous usage.
• Fake Profiles: Criminals create fake profiles using stolen identities and images to seem authentic.
• Viral Spread: Once they build trust, they drive their targets into spreading the scam by adding their contacts to the conspiracy.

Steps to Protect Yourself from Investment Scams

The following steps will help you protect yourself from such scams:

• Always question an investor offering excess profits through fast returns. Remember, a genuine investment needs an extended period for its growth.
• Ensure these so-called financial experts show proof of SEBI registration. You should verify their registration number through SEBI's official website.
• Legitimate investments don't come with tight guidelines. Don't let someone pressure you into making hasty decisions.
• Stock investment tips that guarantee secret information do not exist. If someone says they possess insider trading details, know it's a scam.
• Don't trust unquestioningly—Cross-check stock recommendations on reliable financial websites.
• Never share sensitive details like your bank account, PAN number, or OTPs.
• Invest through registered, official apps from trusted sources, not links sent to you in private messages.

Educate Yourself To Avoid Investment Frauds

Knowledge is your best defence. Use these resources to stay informed:

Stay Alert, Stay Safe

Investment scams targeting WhatsApp and Telegram users are increasing steadily, and such vulnerabilities might lead to significant financial losses. Before investing, check the information with an open mind and avoid making hasty decisions. The Kotak811's #ScamKaSiren campaign helps you stay informed and protected so that your internal siren rings loud when you notice nasty attempts. Remember, you need to trust your research, not random messages!

If  you have been scammed online, immediately contact your bank, report the scam to the authorities like the National Cyber Crime Helpline at 1930 or the National Cyber Crime Reporting Portal (https://cybercrime.gov.in/)and document everything related to the scam. 

FAQs

Q1) What should my course of action be if I already became a victim of fraud?

If you find yourself in this unfortunate situation. You must alert both the cybercrime police team and your banking institution right away.

Q2) Can scammers access my personal information through WhatsApp or Telegram?

Yes, if you share your bank account details and OTPs with others, Scammers can access your personal information. Avoid sharing such information.

Q3) How can I verify if an investment opportunity is legitimate?

Check the registered advisors listed on SEBI's official website and research the company's background with certified financial experts. Regularly check for information and keep educating yourself to stay alert.