Pakistan Stock Exchange (PSX) has issued a warning to investors about a rise in fraudulent schemes being promoted on social media and WhatsApp groups, disguised as legitimate investment advice and training courses. These scams involve individuals or groups falsely claiming to be registered professionals or affiliated with reputable companies to lure people into unauthorized investment plans.
These fraudulent entities often demand fees for membership, offering insider tips and investment training in exchange. They also make suspicious requests, such as transferring money to private or third-party accounts, while promising guaranteed returns with minimal risk.
The PSX has urged the public to remain vigilant, warning against unsolicited investment advice received through social media or emails. The exchange advises conducting thorough background checks to ensure the legitimacy of the professionals and firms being engaged.
In its advisory, the PSX emphasized the importance of not sharing personal or financial information, such as passwords or bank details, with unknown or unverified sources. It also encouraged investors to watch out for red flags, including promises of high returns with little to no risk, pressure to invest quickly, and requests for private money transfers.
To avoid becoming a victim of such scams, investors are urged to conduct their own research, check the financial details of companies before investing, and be cautious of poorly written emails or messages that contain grammatical errors or suspicious URLs.
The PSX also reminded investors to stay updated by visiting official websites of regulatory bodies, including the Securities and Exchange Commission of Pakistan (SECP) and the Central Depository Company (CDC), to make informed and safe investment decisions. Any suspicious activity should be reported immediately to the PSX through their regulatory channels, including email and helplines.
