Investors Beware: Upstox cautions against imposters luring customers

To educate and protect investors from fake social media accounts, apps, WhatsApp groups, and websites. Upstox has initiated an awareness campaign across multiple communication channels.

Upstox, a wealth management platform, has observed instances across sectors where individuals are trying to impersonate brands and defraud the general public using artificial intelligence (AI). While investigating such attempts, the Upstox cybersecurity team has identified common patterns - such as the creation and usage of fake social media accounts, apps, WhatsApp groups, and websites pretending to be Upstox offering educational courses, stock tips, and promising guaranteed returns.

Some of the fake group/channels are as follows-‘Upstox Facilities Group’ and ‘Upstox Investment Academy’, falsely claiming affiliation with Upstox and posing as Upstox employees. These groups claim to conduct educational courses and sessions on the stock market under Upstox’s name.

“Customers from Tier 2 and Tier 3 are especially affected by these impersonation scams due to lack of awareness and limited access to reliable information sources,” says Ravi Kumar, CEO and Co-founder of Upstox.

To educate and protect investors, the company has initiated an awareness campaign across multiple communication channels. This includes recurring email campaigns alerting new, active, and dormant users, in-app product banners alerting logged-in users, and frequent push notifications and social media campaigns.

“We take the safety and security of our investors very seriously. We are committed to providing a secure investment environment and request all investors to conduct transactions only through our official channels,” said Kumar.

Also read | The great, big WhatsApp stock market scam and how to avoid it

To avoid falling prey to impersonation scams of Upstox here are a few crucial measures:

Check broker legitimacy

Always conduct thorough research before engaging with any individual or platform. Look for SEBI registration and Stock Exchange membership to ensure credibility.

Beware of unsolicited offers

Exercise caution with unexpected calls, emails, or messages promising quick profits. Block and ignore such communications to avoid falling victim to scams.

Verify communication channels

Pay close attention to the communication handles of brokers offering quick returns. Upstox always uses its official channels, details of which are provided at the end of this blog.

Protect personal information

Keep sensitive information private, especially when dealing with unknown individuals or suspicious requests. Upstox or its employees will never ask for personal details without proper verification.

Report suspicious activity

Promptly report any suspicious activities here - cybersafety@upstox.com

Caution to investors

Further, Upstox reiterates that its employees will never ask for personal or financial information through unofficial communication channels. It will not share stock tips offering guaranteed returns. “Investors are urged to stay vigilant, verify all communications, and report any suspicious activities immediately. Upstox accepts no responsibility for any transactions made which were improperly incurred as a result of fraudulent activity,” said Kumar.