According to a news report, more than 5 lakh Indians lost their hard-earned money worth Rs150 crore via fake investment apps. Given that online investment and payment transactions are exploding, fake app scams have also become a cause of worry.
Let’s understand all about fake apps and the ways to prevent them.
What are Fraudulent Apps?
Scammers create fraudulent apps that look and function exactly like any other legitimate app available in the App Store or Google Play. Gaming, cash and banking apps and software update reminders are the common apps that fraudsters target. When you download these apps, imposters steal your personal information, bank details and other vital data. They can also trick you into paying money to them.
A few ways fake apps can cheat you are:
Infecting your digital device with ransomware to lock you out of your data.
Infecting your digital device with malware to deliver malicious content.
Sending spam messages urging you to take immediate action (for example, login now or else your bank account will become inaccessible)
Getting unrestricted access to your digital device through rooting
How to Avoid Investment Frauds?
While cyber risks are not completely preventable, you can minimise them significantly by taking proper precautions.
Research the App
Do not download an app by clicking links in any unsolicited emails or messages. You should download the app from the company’s official website, Google Play or App Store. Stay away from downloading apps from third-party stores or websites.
Read the Reviews
Check the reviews of the app on various websites. Ask your family, friends or colleagues if they know about this app. Beware of too many positive or negative reviews. You should also check the app rating and number of downloads.
Read the Privacy Policy
When you download an app, it will ask you to agree to certain terms and conditions or authorisations. Read the privacy policy properly before you give any permission.
Assess the Look and Feel of the App
A fake app would usually have grammatical and typographical errors, distorted icons, poor-quality images and asymmetrical placements. You will feel that something is ‘off’ with the look and feel of the app. This is your red flag!
Too Good to be True
If a money app is promising you guaranteed returns, zero risk or high returns in a short time, it should ring a warning bell in your mind. Research the app’s schemes and claims properly.
Enhance the Security
Make your digital devices secure with password protection, multi-factor authentication, anti-virus software, etc. This will protect you against investment fraud considerably.
Conclusion
It is highly advisable to invest your money through a trustworthy online investment broker such as Ajmera x-change. We are a reputed financial services platform with a high-quality research team and a state-of-the-art technological platform. We have a powerful online trading platform and mobile app with cutting-edge features. You can scan the QR code from our website and download the app safely. Our app is also available on the App Store and Google Play.
We can help you keep your money safe from fake app scams. Contact us to know more.