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Scams, memes and crazy money: Inside India’s crypto WhatsApp groups
Money Control
·
1y ago
Medial
The surge in cryptocurrency popularity has led to an influx of Indian investors seeking quick riches. WhatsApp groups dedicated to cryptocurrency discussions are thriving, with members sharing investment strategies, memes, and predictions. Despite regulatory uncertainty and concerns about scams, many individuals have poured significant amounts of money into cryptocurrencies, especially Bitcoin and Ether. While some have profited, others have lost substantial sums. Scam projects have also been a concern, with investors falling prey to fraudulent schemes. Despite these risks, the allure of crypto trading and the hope of substantial returns continue to drive activity in these groups. However, experts advise caution, emphasizing the need for thorough research before investing in cryptocurrencies, which remain highly volatile and unpredictable.
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Nithin Kamath warns of explosion of fake apps that mimic broker interfaces, promise easy trading profits
Money Control
·
11m ago
Medial
Zerodha's co-founder, Nithin Kamath, has issued a warning about the increasing number of fake trading apps that deceive users by mimicking popular broker interfaces and promising easy money. Kamath explains that these scams start by adding users to WhatsApp groups and prompting them to install fake trading apps that resemble genuine platforms. In the beginning, users are allowed to make profits to convince them of the app's legitimacy, but when they attempt to withdraw the money, they are asked to make upfront payments, after which the scammers disappear. Kamath advises people to be skeptical of claims of easy money and not to fall for such scams.
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Meta says working to thwart WhatsApp scammers - The Economic Times
Economic Times
·
4d ago
Medial
Meta announced it disabled nearly seven million scam-linked WhatsApp accounts in the first half of 2025, particularly focusing on Southeast Asia. The scams often involved fake investments and pyramid schemes. In collaboration with OpenAI, WhatsApp tackled AI-generated scams and introduced new safety features to help users recognize suspicious group chats. Users are now cautioned when added to unfamiliar groups, and "safety overviews" offer guidance on spotting scams and quick exit options.
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WhatsApp tops cyber scam charts: Over 43,000 complaints in 2024’s first quarter, report | Mint
Livemint
·
7m ago
Medial
WhatsApp, a platform owned by Meta, has been highlighted as a significant medium for online scams, alongside Telegram and Instagram, as per the Union Home Ministry report. In the first quarter of 2024 alone, there were 43,797 complaints against WhatsApp, 22,680 against Telegram, and 19,800 against Instagram for cyber fraud. The report emphasizes the role of Google's services, including its ad platform, in facilitating scams, particularly targeting vulnerable groups through investment frauds like the "Pig Butchering Scam."
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Australian regulator moves to curtail criminal use of cryptocurrency
Economic Times
·
8m ago
Medial
The Australian transaction reports and analysis centre (AUSTRAC) has formed an internal cryptocurrency task force to target crypto ATM providers that violate the country's anti-money laundering laws. AUSTRAC aims to combat the rise of money laundering, scams, and money mule activities involving cryptocurrencies. With 1,200 active crypto ATMs in Australia, the task force will enforce strict practices to prevent these machines from being used for fraudulent activities. AUSTRAC CEO Brendan Thomas warned against the increasing number of Australians falling victim to cryptocurrency scams and stated that violators will face financial penalties.
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MHA think tank alerts against 'hijack', sextortion, impersonation scams on WhatsApp
Economic Times
·
1y ago
Medial
The Bureau of Police Research and Development (BPRD) has issued an advisory warning against various scams on WhatsApp, including hijacking, sextortion, and impersonation. The advisory highlights fraudulent activities such as hackers gaining unauthorized access to victims' WhatsApp accounts and requesting money from their contacts. BPRD also warns about scams involving missed calls, video calls, job offers, and investment plans. The advisory encourages users to activate two-factor authentication and to avoid engaging with suspicious or unknown calls on WhatsApp. It also urges users to report and block suspicious numbers.
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Crypto FOMO Is Back. So Are the Scams
Wired
·
1y ago
Medial
The market for memecoins, a type of cryptocurrency, has created opportunities for scam artists. These scams often involve token presales, where developers promise early investors discounted rates. However, many of these tokens turn out to be scams or fail to deliver on their promises. This has led to the rise of sophisticated cybercriminal groups conducting these scams. Investors are urged to do their due diligence and look for warning signs before investing in new crypto projects. Establishing industry-wide standards for new tokens could help prevent these scams in the future.
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US recovers $225 million stolen in crypto scam
Economic Times
·
1m ago
Medial
The U.S. government recovered $225 million, marking the largest seizure in a cryptocurrency fraud case. Utilizing blockchain analyses, the FBI and U.S. Secret Service identified these funds as stolen through crypto investment scams, which victimized hundreds globally. The complex laundering schemes involved numerous transactions to disguise the source of the stolen money. U.S. officials aim to return the money to rightful owners, highlighting the severe financial impact on victims deceived by these scams.
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A Fake Bill Ackman Is Scamming Investors Out of Millions on Facebook
Livemint
·
1y ago
Medial
Bill Ackman, billionaire hedge-fund manager, is facing challenges with impostors on Facebook who are scamming investors using his name. Pershing Square Capital Management has identified over 90 different ads impersonating Ackman, with some promising high returns and enticing victims to join WhatsApp groups for stock tips. Similar scams have targeted other billionaires like Cathie Wood and Ray Dalio. Regulators have raised concerns about the increasing prevalence of such scams, and victims have reported losses totaling billions of dollars. While companies like Meta, the parent company of Facebook, claim to have measures in place to tackle scams, critics argue that more needs to be done.
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Beware of job scam! Man loses ₹18 lakh in recent case; here are some safety tips
Livemint
·
1y ago
Medial
Online scams offering quick income through part-time work or tasks are enticing many, often via WhatsApp. A Mumbai resident lost around ₹18 lakh ($24,000) in such a scam after being promised easy money. The victim, initially enticed by fraudsters, transferred money to multiple accounts expecting returns but never received any. Navi Mumbai cyber police launched an investigation. To avoid such scams, people should exercise vigilance when dealing with suspicious emails or messages, avoid clicking on unfamiliar links, protect personal information, verify requests, and take swift action when suspicious of a scam. These precautions can help reduce the risk of falling victim to online fraud.
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Government asks Meta to combat WhatsApp scams after TRAI's appeal
Livemint
·
8m ago
Medial
The Indian government has approached Meta (formerly Facebook) to address the increasing number of scams taking place on WhatsApp. This action follows the rise in cyberfrauds in the country and concerns raised by Prime Minister Modi regarding digital arrests during a recent episode of Mann ki Baat. The Ministry of Electronics and Information Technology (MeitY) secretary, S Krishnan, confirmed the ongoing discussions with Meta on tackling these scams, highlighting the need for companies to have a grievance officer to address user issues. The Telecom Regulatory Authority of India (TRAI) has also requested the government to investigate the growing scams on WhatsApp.
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