SECP Issues Warning Over Rise in Social Media Investment Scams
The Securities and Exchange Commission of Pakistan (SECP) has issued a public warning about the rise of fraudulent groups on social media platforms like WhatsApp, which are pretending to offer investment services.
According to SECP, these groups falsely claim to represent well-known financial institutions and business figures, charging fees to provide “exclusive” investment tips and training. SECP has urged the public to be cautious, verifying the legitimacy of any such offers and refraining from sharing personal information with unverified sources. To prevent further exploitation, victims are encouraged to report these scams through SECP’s official channels.
The SECP’s warning follows a spike in these fraudulent schemes, where promises of insider financial knowledge draw in unsuspecting individuals. These groups charge membership fees under the guise of offering privileged advice, but victims lose their money.
SECP advised people to thoroughly investigate any investment offers to counter the growing threat before engaging. The commission has stressed that sharing sensitive information with unverified sources can lead to severe financial losses. SECP encourages individuals to spread awareness about these scams to help others avoid falling into similar traps.
The SECP actively monitors these schemes and recommends that the public report any suspicious activity immediately. This collective effort is critical in stopping the spread of these scams and protecting people from financial harm.
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