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Scam alert: Upstox warns investors against cyber fraud, Check details

Online stockbroker flags fake WhatsApp channels that falsely claim affiliation with the company

Upstox

Upstox

Ayush Mishra New Delhi

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Upstox, the online stockbroker, has launched an awareness campaign to educate its 14 million customers about cybersecurity and identifying fraud.
 
The Upstox cybersecurity team has identified common tactics used by scammers, including the creation of fake social media accounts, apps, WhatsApp groups, and websites that mimic the company’s brand. These fraudulent entities often offer educational courses, stock tips, and promise guaranteed returns to lure unsuspecting investors.
 
Scammers run fake WhatsApp channels such as "Upstox Facilities Group" and "Upstox Investment Academy," which falsely claim affiliation with the company and impersonate employees. These groups reportedly conduct unauthorised educational sessions on stock market investing under Upstox's name.
 
“It is our responsibility to educate individuals about the rising instances of impersonation and other scams. We take the safety and security of our investors very seriously, and prepare them to tackle such situations,” said Ravi Kumar, co-founder and chief executive of Upstox, about the campaign that reaches out to residents of smaller cities.
 
Upstox has initiated a multi-channel awareness campaign, including email alerts, in-app banners, push notifications, and social media outreach. The company emphasises that it never asks users to transfer money via links or make cash payments.
 
Key measures for investors to protect themselves:
 
Verify broker legitimacy by checking Sebi registration and stock exchange membership.
 
Be cautious of unsolicited offers promising quick profits.
 
Use only official communication channels when interacting with brokers.
 
Protect personal information and be wary of suspicious requests.
 
Report any suspicious activities to cybersafety@upstox.com.

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First Published: Jul 11 2024 | 2:19 PM IST

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