In today’s digital age, investment opportunities are abundant, but so are the risks associated with fraudulent schemes. At FYERS, we prioritize the safety and security of our clients’ investments. Recently, we’ve identified a surge in advisory scams targeting our clients and the broader public. These scams exploit unsuspecting investors, leading to significant financial losses.
The rise of FYERS as one of India's most popular trading platforms has invited the attention of scammers & fraudsters attempting to impersonate us to deceive and defraud unsuspecting investors trying to exploit our reputation. This guide aims to shed light on these scams, how they operate, and the steps you can take to protect yourself.
What’s Going On?
Scammers are distributing unauthorized messages, falsely claiming to represent FYERS employees, management and partners associated with our organisation. They use social media platforms, including WhatsApp and Telegram, to advertise free trading tips. Victims who engage with these ads are directed to groups where scammers provide fraudulent investment advice. Eventually, these victims are persuaded to download fake trading apps, resulting in financial losses.
Scam Tactics:
Impersonation: Fraudsters pose as trustworthy sources, such as friends, financial advisors, or known contacts, to gain credibility.
Creating Urgency: They create a sense of urgency with statements like "Limited-time offer!" or "Act now to double your investment!" to pressure victims into quick decisions.
Promising High Returns: Unrealistic promises of high returns are made to lure in victims seeking quick profits.
Isolating Victims: Scammers discourage independent research, ensuring that victims rely solely on their advice.
Unconventional Payment Methods: Victims are asked to transfer money through non-traditional methods (like Wire transfers, Wallet Top-Ups, Gift Cards, QR-Code Scanners, UPI Numbers amongst others ), making it harder to trace and recover funds.
To illustrate these scam tactics, we have attached screenshots showing WhatsApp chats and fake apps that closely resemble our official communications and platforms.
FYERS' Position on the Scams
It’s essential to understand that such scams are a widespread issue affecting many reputable stock brokers. FYERS operates under stringent regulatory frameworks and ethical standards to ensure the integrity and security of our services. We have no association with these scammers, who act independently and unlawfully. We continually strive to educate and empower our clients to recognize and avoid fraudulent activities.
Measures Taken by FYERS
At FYERS, we take these scams very seriously and have implemented several measures to combat them:
Active Monitoring: We continuously monitor for suspicious activities and have issued public advisories through various media channels.
Legal Action: Necessary complaints with the appropriate authorities have been files and regulators have been notified about these fraudulent activities.
Client Support: We address every query, complaint, and grievance related to these scams, ensuring that our clients receive the necessary support.
Awareness Campaigns: We regularly update our notice board with information about these scams to keep our clients informed.
Protecting Yourself
As a client, you can take several steps to safeguard your investments:
Verify Sources: Always check if the communication is from FYERS. Our official domain is https://fyers.in/. Download apps only from trusted sources like the Google Play Store or Apple App Store.
Be Skeptical of Unsolicited Offers: Be wary of investment offers that come unexpectedly, especially through WhatsApp or social media from unknown contacts.
Question Unrealistic Returns: If an offer seems too good to be true, it probably is a scam. High returns with little risk are a major red flag.
Avoid Pressure Tactics: Legitimate investment opportunities do not require immediate decisions. Take your time to research and understand the investment.
Use Secure Payment Methods: Reputable investment platforms use secure payment channels. Avoid transferring money through unconventional methods like money transfers or prepaid cards.
Report Suspicious Activities: If you encounter any suspicious messages or activities, report them to the National Cyber Crime Reporting Portal at https://cybercrime.gov.in/Webform/Index.aspx and your local cyber crime police station. You can also contact us at [email protected]
Responding to a Scam
If you suspect that you have been targeted by a scam, here are the steps you should take:
Report to Authorities: Report the incident to the National Cyber Crime Reporting Portal and the nearest cyber crime police station.
Inform Fyers: Notify us at [email protected] so we can assist you further and take necessary actions to prevent such incidents in the future.
Final Thoughts
At FYERS, we prioritize the security and well-being of our clients. We do not provide investment advice or associate with any third-party advisory services. Our mission is to ensure that your investment journey is safe and informed. Stay vigilant, stay informed, and always verify the authenticity of investment opportunities.
For more information, visit our notice board and stay updated on the latest alerts and advisories:
Your safety is our priority. Together, let's build a secure investment environment!