Fake trading app scams have exploded and have become a mega nuisance.

These scams work by inducing you to trade and making you think that making money is easy. So first, you are added to WhatsApp groups and then asked to install fake trading apps that look exactly like those of major brokers.

On the first couple of trades, you will make money. This is designed to convince you that you can make a lot of money. Then you’ll be asked to transfer money to trade. But when you try to withdraw, you’ll be first asked to pay fees, taxes, etc. After some time, the entire group and the people in it vanish.

What’s surprising is that even smart, sensible, and educated people fall for these scams. Always remember, if something is too good to be true, it almost always is. It’s important to be sceptical about claims of easy money.

@Zero1ByZerodha and @Cyberdost created this awareness video. Check it out and share it with your friends and family.