Beware of fake trading apps: 10 Tips to avoid fake trading apps scam

With the rise of technology, trading has become extremely easy. It is the buying or selling of stocks, financial assets, bonds, cryptocurrencies, and others. However, several fraudulent trading apps can steal your bank and private data and cause colossal financial losses. 

The official handle of the Department of Telecommunications, Government of India, posted safety tips on X (formerly Twitter) to spread awareness against fake trading apps and provide precautions to avoid them. The caption read, "Safety tip of the day: Beware of fake trading apps"

 

Safety tip of the day: Beware of fake trading apps. pic.twitter.com/pB6uQFeqZG

— CERT-In (@IndianCERT)

 

 Below are the 10 tips from the Ministry of Electronics and Information Technology to avoid fake trading apps:

• Download applications only from trusted sources like legitimate websites or authorized app stores.
• Properly verify the app details in a developer's website or app store before downloading it.
• Always provide only the necessary permissions required for the functioning of any app.
• Before granting any authorization, carefully read the privacy statement.
• Never share your login information for financial apps with anyone.
• Enable Multi-Factor Authentication in all sensitive information-related apps.
• Pay attention to reviews and comments of the users, before installing any applications.
• Examine the app's promises and schemes carefully.
• Report cyber frauds and cyber crimes to 1930 immediately

 

If you ever come across any type of fraud app, scamming trading application, or website, make sure you report it to the authorities. One can report cyber fraud to the National Cyber Crime Reporting Portal or dial the toll-free number 1930. 

Also Read: Indian govt issues security advisory for Android, Chrome, and Firefox users

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