Upstox, a leading online stockbroker, has launched a new awareness campaign aimed at protecting its 14 million customers from rising cyber fraud and scam tactics. The company’s cybersecurity team has identified several common fraud schemes involving fake social media accounts, apps, WhatsApp groups, and websites that impersonate Upstox’s brand.
These fraudulent operations often lure investors with offers of educational courses, stock tips, and promises of guaranteed returns. Scammers have created deceptive WhatsApp channels such as "Upstox Facilities Group" and "Upstox Investment Academy," falsely claiming to be affiliated with the company and impersonating its employees. These groups are known to conduct unauthorized stock market investing sessions under Upstox’s name.
Ravi Kumar, co-founder and CEO of Upstox, emphasized the company’s commitment to investor safety: “It is our responsibility to educate individuals about the increasing instances of impersonation and other scams. We take the safety and security of our investors very seriously and are dedicated to preparing them to handle such threats.”
As part of its multi-channel awareness campaign, Upstox is reaching out to customers through email alerts, in-app banners, push notifications, and social media. The company stresses that it never requests users to transfer money via links or make cash payments.
To safeguard against fraud, Upstox advises investors to:
Verify Broker Legitimacy: Confirm that brokers are registered with SEBI and are members of stock exchanges.
Beware of Unsolicited Offers: Be cautious of unsolicited offers promising quick profits.
Use Official Communication Channels: Only interact with brokers through official Upstox channels.
Protect Personal Information: Remain wary of suspicious requests and protect personal data.
Report Suspicious Activities: Contact cybersafety@upstox.com to report any suspicious activities.
By following these precautions, investors can better protect themselves from falling victim to cyber fraud and scams.
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