Daily Times

The Pakistan Stock Exchange Limited (PSX) on Wednesday alerted the investing public regarding the surge in fraudulent activities through different social media platforms.

According to PSX press release received here, some illegal social media groups and forums were using AI technology and conventional methods to entice the investing public to join in or fill in forms through WhatsApp groups, Facebook/ Meta and other social media channels.

The scammers misuse the name of the registered professionals or claim to be affiliated with a legitimate company to lure the investing public to participate in unauthorized investment schemes.

Scammers’ correspondence might often look authentic as such scammers use the regulator name, logo, and images, as well as impersonate as part of top management and proprietary material which looks official.

The fraudulent groups and forums promise guaranteed fixed returns with minimal or no risk and provide exclusive access to insider tips and training on investments. They also ask to share personal or financial information or to send money directly to the individual or a third party.

To avoid becoming a victim of such types of scams, the investing public is warned to be wary and alert of unsolicited investment advices from illegal social media groups and forums, it added.

Trading in shares of listed companies should only be conducted through SECP-licensed securities brokers. A list of licensed securities brokers has been made available on https://www.psx.com.pk/psx/resources-and-tools/TREC-Holders

The investing public is advised to regularly visit the official websites/ social media pages of SECP, PSX, CDC and NCCPL in order to keep themselves updated and make well-informed and prudent investment decisions.

“In the context of the above, PSX warns the general public not to deposit, invest, or deal with illegal and unauthorized groups and forums on social media.

PSX shall not be held responsible for any loss or damage incurred by any person due to unauthorised use of its intellectual property or misrepresentation of any person which may include viewing, subscribing, or signing up for any unauthorised social media pages, posts, web-groups or WhatsApp groups,” it added.