Business Desk
Oct 02, 2024
Pakistan Stock Exchange Limited (PSX) on Wednesday warned the public about the increase in fraudulent activities through various social media accounts.
In a statement issued in this regard, the Stock Market said that some illegal social media groups and forums are utilising artificial technology and conventional approaches to entice the investing public to join in or fill in forms through WhatsApp groups, Facebook, and other Meta-owned platforms.
Moreover, the notification indicated that the scammers misuse the name of the registered individuals or claim to be associated with a legitimate organisation to entice the investing public to participate in unauthorised investment schemes.
Scammers' correspondence might often be viewed as authentic as such scammers utilise the regulator's name, logo, and images, along with impersonating as part of top management and proprietary material which appears as official.
The PSX notification mentioned that the fraudulent groups and forums make false promises for guaranteed fixed returns with minimal or no risk and offer exclusive access to insider tips and training on investments. Moreover, they ask to share personal or financial information or to send money directly to the individual or a third party.
How to avoid scams?
PSX stated that you can easily avoid becoming a victim of such scams by staying cautious and alert to unsolicited investment advice from illegal social media groups and forums.
Trading in shares of listed companies should only be conducted through the Securities and Exchange Commission of Pakistan (SECP)-licensed securities brokers.
The investing public is suggested to regularly visit the official websites, social media platforms of SECP, PSX, Central Depository Company (CDC) and National Clearing Company of Pakistan Limited (NCCPL) in order to keep themselves updated and make well-informed and sensible investment decisions.
PSX has warned the general public not to deposit, invest, or deal with illegal and unauthorised groups and forums on social media. PSX is set to be not held responsible for any loss or damage caught by any person due to unauthorised utilisation of its intellectual property or misrepresentation of any person which may include viewing, subscribing, or signing up for any unauthorised social media pages, posts, web-groups or WhatsApp groups.
