Karachi: Pakistan Stock Exchange Limited (PSX) has issued an investor alert regarding a significant increase in fraudulent activities carried out through social media and WhatsApp groups, which masquerade as legitimate investment advice and training opportunities. According to information available from the Pakistan Stock Exchange (PSX), these groups exploit the names of registered professionals or falsely claim affiliations with legitimate companies to entice the investing public into joining unauthorized investment schemes.
These deceitful groups and media pages often charge fees for membership, promising exclusive access to insider tips and investment training. They commonly request money transfers to private or third-party accounts, and offer guarantees of high profits with little to no risk, along with assurances of valuable investment insights. Investors are cautioned to be vigilant and wary of unsolicited investment advice received through messages, emails, and various social media platforms, including WhatsApp.
To protect themselves, investors are advised to undertake thorough background checks and verify the credentials of professionals and entities by consulting the PSX and Securities and Exchange Commission of Pakistan (SECP) websites. It is crucial not to share personal or financial information such as usernames, passwords, or banking details with unknown individuals or unverified sources. Awareness of red flags, such as guaranteed returns, pressure to make quick investments, or requests for direct money transfers, is essential for identifying potential fraud.
Furthermore, investors should scrutinize URLs and email addresses for authenticity, looking out for spelling errors that often characterize fraudulent communications. Performing independent research and due diligence before committing to any investment is also strongly recommended. Regular visits to the official websites of SECP, PSX, Central Depository Company (CDC), and National Clearing Company of Pakistan Limited (NCCPL) are encouraged to stay informed and make prudent investment decisions.