Mumbai: HDFC Bank, India’s largest private sector bank, has issued a warning to customers regarding fraudulent investment schemes that are being promoted predominantly through social media platforms. The bank aims to enhance awareness and protect customers from potential investment fraud.
Fraudulent schemes often promise exceptionally high returns on investments in stocks, IPOs, cryptocurrency, and Bitcoin. These scams typically involve the creation of fake investment platforms or apps that display fabricated dashboards showing significant returns. These platforms are aggressively promoted on social media, luring individuals into joining these deceptive schemes. Fraudsters commonly use social engineering tactics to exploit unsuspecting individuals. To avoid falling victim, individuals must conduct thorough due diligence before making any investments.
Manish Agrawal, Executive Vice President – Credit Intelligence and Control at HDFC Bank, commented, “With the rise in investment fraud cases, it is essential to raise awareness and educate consumers about these deceptive practices. While efforts from the Government, banks, and regulatory bodies are ongoing to combat these frauds, individual vigilance remains a key factor in preventing financial losses.”
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