Hyderabad: Crypto investors are opening themselves up to new and emerging risks of fraud. Cyber fraudsters who keep finding new ways to dupe people are now targeting cryptocurrency investors. Cyber security officials have warned those who include crypto in their investment portfolio or are interested in investing in ‘bitcoin’ or ‘ethereum’ or other similar electronic currencies to not fall prey to such frauds. Fraudsters promise higher returns every day on investing in cryptocurrencies. They also assure investors to trade on their behalf and transfer the profit directly to their accounts. Fraudsters also assure investors to withdraw the currency. Cyber crime officials said that this stress-free and risk-free investment option is attracting more and more investors. “Those who fall into their trap and start investing in cryptocurrencies are given good returns for a few months in the beginning, which builds trust. Eventually, the fraudsters block the accounts and run away,” the cyber crime official said. Preliminary investigation into such frauds has revealed that it is the work of interstate gangs from Uttar Pradesh, Madhya Pradesh, Delhi, Mumbai and other parts of north India. “Their easy targets are mostly youths, businessmen, students and IT employees, working professionals who intend to make easy money. They contact these people through online and offline platforms including social media, phone calls, emails, SMS and lure them to invest,” the official said. The investigation also revealed that some gangs are creating closed WhatsApp groups with anonymous names indicating cryptocurrency investments and adding hundreds of investors from different states as participants. “The fraudsters conduct cryptocurrency investment related conversations in such groups to lure investors. They also share daily updates on the profit and loss of cryptocurrency investments. They also share templates giving examples of investments and high returns, thereby luring members,” the officials said. Once the participants are fully caught in the trap, they approach them to invest in cryptocurrencies, make them download fake investment apps and invest money in it to start trading. Their access to the account will mostly remain with the fraudsters who give fake profit updates.
Hyderabad: Cyber fraudsters are targeting cryptocurrency investors
