HDFC Bank Shares an Important Message to Caution Against Investment Frauds

Mumbai, Aug 02: HDFC Bank, India’s largest private sector bank, has advised its customers to be cautious against fraudulent trading platforms that offer investment opportunities mostly through social media platforms. The aim is to increase awareness about potential investment frauds to safeguard customers.

In cases of investment frauds, fraudsters are seen to typically promise unusually high returns on investments in stocks, IPOs, cryptocurrency, Bitcoin, etc. This involves the creation of fake automated investment platforms or apps where victims get to view fake dashboards indicating high returns in investments. Such platforms are also seen promoted on social media inviting persons to join these high return investment schemes, which are in fact bogus. Fraudsters typically exploit people through social engineering tactics, however being cautious and transacting only after due diligence, will help safeguard against fraudsters.

Cautioning on this fraud, Mr. Manish Agrawal, Executive Vice President – Credit Intelligence and Control – HDFC Bank, said, “We are seeing an increase in the number of cases of investment frauds and want to help create a wider awareness and knowledge about the issue, so that the consumers can avoid falling prey to these deceptive schemes. While the Government, Banks and regulatory bodies are taking steps to curb these frauds, individual vigilance and awareness play a very important role in avoiding falling prey to illegitimate schemes.