WhatsApp investment scams: Kotak Securities shares tips to avoid them
The company advises against conducting any financial transactions or investments over these platforms without verifying the legitimacy of the entities involved.
Scam details
Unethical individuals and groups have been leveraging both Indian and international mobile numbers to engage in fraudulent activities.
These scammers falsely claim affiliation with reputable financial institutions like Kotak Securities and show counterfeit certificates.
They lure unsuspecting individuals with promises of guaranteed or high returns, utilising trading platforms and applications that mimic those of registered trading members.
Some fraudulent entities even offer to handle investors’ trading and demat accounts or propose opening accounts under an institutional framework.
They may request sensitive login credentials, including passwords, under the guise of facilitating securities trading with assured profits.
Investors are often misled into transferring funds to bank accounts of unknown individuals or entities.
Official statement from Kotak Securities
Shripal Shah, MD & CEO of Kotak Securities, advised investors to be vigilant.
“We urge all investors to follow official channels only for genuine, comprehensive, and trustworthy research reports, recommendations, and market insights for all investment-related activities,” Shah said.
Shah also highlighted the importance of understanding the risks associated with investments offering high returns.
“Investments offering high returns usually involve high risk, including fraud risk, and there can be no guarantee of assured returns in the securities market. Hence, investors should exercise utmost caution while investing their hard-earned money and refrain from transferring money to unknown bank accounts,” he said.
Official channels and verification
Kotak Securities reiterated that it does not approach customers through social media or WhatsApp for formal business transactions.
The company has listed its verified communication channels and urged investors to rely on these for all interactions:
Website: Kotak Securities
Official WhatsApp channel: WhatsApp
Official WhatsApp number: +91 77389 88888
Customer Service number: 1800 209 9191
Customer Service email ID: service.securities@kotak.com
Social Media Channels
Telegram: Kotak Securities
LinkedIn: Kotak Securities
Instagram: Kotak Securities
Twitter: Kotak Securities
Facebook: Kotak Securities
YouTube: Kotak Securities
Official App: Kotak Neo (available on Google Play and Apple Store)
Contact for Cyber Security
Phone: 1800 209 9595
Email: ks.ccd@kotak.com
Investors can also verify intermediaries via SEBI’s circular available on SEBI’s website.
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