HT TECH wants to start sending you push notifications. Click allow to subscribe

Crackdown on investment scams: India set to take action against 100+ Chinese websites

India is set to launch a crackdown on 100 plus Chinese websites running investment scams in order to protect users. The move follows growing financial threats and fraudulent activities.

By: MD IJAJ KHAN
Updated on: Dec 05 2023, 15:04 IST
India is looking to crack down on over 100 Chinese-run investment scam websites targeting citizens.

In a decisive move against Chinese-websites operated financial fraud, India has initiated the banning process for more than 100 investment scam websites. These websites, resembling Indian entities on the surface, targeted vulnerable Indian citizens with schemes that are quite similar to predatory loan apps, which also originated from China. While the facade of these investment scam sites appeared Indian, the funds ultimately found their way to Chinese operators. The Ministry of Home Affairs has instructed the Ministry of Electronics and Information Technology to block these fraudulent websites.

Central agencies identified these websites, prompting thorough analyses that led to the government's decision to have them banned. According to sources from News18, additional sites may be added to the ban list in the near future.

The Chinese websites, discovered to be connected to multiple bank accounts, employed a convoluted money transfer system to confuse investigating agencies. Eventually, the funds were converted into cryptocurrency. Several states had raised concerns with the Centre about such scams undermining the country's financial system. Also read: Microsoft Seeing AI app: Know how it will work on your Android phone and what it can do

Also read: Looking for a smartphone? To check mobile finder click here.

To shield yourself from online scams, consider the following precautionary steps:

1. Use Trusted Apps: Install reliable apps, such as "Fraud Alert" by CERT-In, "mSafe" by NCSAP, and Google's "Anti-Phishing App," to safeguard against scams. These apps provide real-time alerts, security advice, and protection from phishing attacks.

2. Limit Personal Information: Exercise caution when sharing personal details online. Avoid divulging sensitive data like phone numbers, email addresses, and bank account information to unfamiliar sources.

3. Question Unsolicited Requests: Be skeptical of emails and messages requesting personal data, as scammers often use such tactics to steal sensitive information.

4. Source Verified Apps: Download apps exclusively from trusted sources like official app stores and refrain from downloading from third-party platforms and do not trust unverified websites at all.

5. Maintain Software Updates: Regularly update your software to benefit from security patches that guard against malware and other threats.

6. Verify Claims: Disregard offers of free gifts from unknown individuals and avoid making online payments without proper verification of the source.

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on ,Twitter, Facebook, , and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 05 Dec, 15:04 IST
NEXT ARTICLE BEGINS