Social media today has become an integral part of our lives; it is one stop place where we hang out, get information and even take important decisions.
Naturally, it is also the place frequented by fraudsters, where they lay their traps.
The recent one I came across is an elaborate fraud by ‘influencers’, a class of social media celebrities. A set of them conspired and defrauded people of $100 million in USA.
Read the full story by clicking the link https://lnkd.in/dBUVh8QQ
Sadly the trick is the old one – to entice people to gain exorbitantly through stock-picking expertise.
Such occurrences, even in developed nations, show that ordinary people worldwide are the same, falling victim to the age-old trick of making quick money.
While there is much diversity in the types of internet fraud, the case mentioned above is a clear form of the ‘pump and dump’ strategy.
Investment information on social media may be false, incomplete or specially produced to scam ‘you’.
Be sceptical of all the inputs you get from the internet, and analyze every enticing offer by your favourite celebrities.
Never invest in a scheme because everyone around you or your ‘virtual friends’ are doing it.
Social media is more ruthless than the real world, where advanced tools and AI are deployed to prey on your biases and insecurities; verify any information through multiple sources before taking action.
Consult your financial advisor before committing any funds. Every proposition that seems too good to be true is most likely fraudulent.
Vikas Sharma, CFP®, is a first-generation purpose-driven entrepreneur with over 19 years of experience in financial services, personal finance, and the advisory space. He is a Certified Financial Planner, an IIM Calcutta Executive Alumni, and holds an MBA in Finance and a Postgraduate qualification in Financial Planning.
Currently, Vikas is the Co-Founder & CEO of The Logical Advisor (TLA Academy Pvt. Ltd.) and Goalchi Capital Solutions LLP, where he integrates life, purpose, values, and money to create meaningful financial journeys.
He has worked with a leading Asset Management Company, mentored 1,500+ IFAs and Relationship Managers across India, and educated 10,000+ investors through Financial Wellness programs. His work has consistently focused on reshaping advisor and investor behaviour to enable sustainable success.
Vikas also coaches and mentors financial advisors nationwide, helping them build purposeful and successful careers.
