Beware of fake trading apps! | Bitcointalksearch.org

Bitcoin Smith

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Quote from: cafter on January 04, 2024, 08:10:12 AM

recently I seen quora post which is ranking for a few days now where the poster give link of a telegram channels and many people are joining that channel.
social media platforms doesn't know that this is a scam or what so government needs to take action against this.

I know what kind of scam this is, the scammer will give simple task to individual like rate few restaurants and get 50 rupees for one feedbac and they will actually pay the amount too, like 500 or 1000. After the task will elevate further and they will ask for deposit and they will say the rewards will be released upon completion of all the tasks only and squeeze every penny you have before you realized that you are being robbed. Sad

cafter

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thanks for letting other users know about this type of scam, I have not seen many cases or news about this type of scam where people needs to download apps from third part websites.
but also there are lot of scam here on every platform, recently I seen quora post which is ranking for a few days now where the poster give link of a telegram channels and many people are joining that channel.
social media platforms doesn't know that this is a scam or what so government needs to take action against this.

Quote from: pawanjain on December 29, 2023, 11:08:07 AM

snip

I have seen that three celebrities in one ad, they promote whatever for money.
here is a nice reddit talk: https://www.reddit.com/r/indiasocial/comments/u4xqhh/new_vimal_ad/
this was funny "Bhaisab hero giri foo foo karne me nhi thoo thoo karne me hai" Lol

pawanjain

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Nothing lasts forever

Quote from: TheUltraElite on December 29, 2023, 09:41:05 AM

Quote from: pawanjain on December 27, 2023, 10:59:16 AM

But the way these sites were advertising their apps as if it will make us rich was so wrong.
Using popular celebs to advertise such appropriate because there's a large audience that watches them and get influenced.

It is how the celebs sell their influence on common people. There are people who are fanatical about their idolized celebs. They will follow them to death and that is what is wrong but common among the rising younger generation. We old skool people have learnt how this works and hence avoid such influence and it is out job to prevent our known family members from getting trapped here among other things.

We as an individual can make an impact here by showing them how celebs only make money from their signups and that they are least bothered about the customers.

Quote from: libert19 on December 27, 2023, 11:31:58 PM

Quote from: pawanjain on December 27, 2023, 10:59:16 AM

Some time ago there was a gambling app which hired popular celebrities who were promoting the app like anything.
Honestly, I don't believe in such apps and hesitate to download such apps on my phone. I prefer gambling on desktop.
[b[But the way these sites were advertising their apps as if it will make us rich was so wrong.[/b]
Using popular celebs to advertise such appropriate because there's a large audience that watches them and get influenced.

People want to be rich/popular, so all marketing techniques are centered around that. Look at Vimal pan masala ad, I don't think there is any better reason to unfollow celebs.

Very true. All these celebs are just running for money and promote anything they get money for.
As libert19 said about Vimal Pan Masala ad, we know how Akshay Kumar fell for it but then stepped back as people started criticizing him for doing that.
Similarly there are so many celebs who promote anything they get and are least bothered about their watchers.
People should stop blindly following others.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: pawanjain on December 27, 2023, 10:59:16 AM

But the way these sites were advertising their apps as if it will make us rich was so wrong.
Using popular celebs to advertise such appropriate because there's a large audience that watches them and get influenced.

It is how the celebs sell their influence on common people. There are people who are fanatical about their idolized celebs. They will follow them to death and that is what is wrong but common among the rising younger generation. We old skool people have learnt how this works and hence avoid such influence and it is out job to prevent our known family members from getting trapped here among other things.

We as an individual can make an impact here by showing them how celebs only make money from their signups and that they are least bothered about the customers.

libert19

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Quote from: pawanjain on December 27, 2023, 10:59:16 AM

Some time ago there was a gambling app which hired popular celebrities who were promoting the app like anything.
Honestly, I don't believe in such apps and hesitate to download such apps on my phone. I prefer gambling on desktop.
[b[But the way these sites were advertising their apps as if it will make us rich was so wrong.[/b]
Using popular celebs to advertise such appropriate because there's a large audience that watches them and get influenced.

People want to be rich/popular, so all marketing techniques are centered around that. Look at Vimal pan masala ad, I don't think there is any better reason to unfollow celebs.

pawanjain

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Activity: 2702

Merit: 716

Nothing lasts forever

Quote from: TheUltraElite on December 27, 2023, 10:12:20 AM

Quote from: libert19 on December 27, 2023, 12:02:29 AM

Quote from: pawanjain on December 25, 2023, 10:05:23 AM

Not just trading but also gambling apps. There are people trying to advertise gambling apps where people make huge profits.
Once users deposit money in it and win money they get scammed when they try to withdraw the money.

One of my relative has his money stuck in fantasy cricket app (I don't consider fantasy games anything less than gambling). He started using those because in them there is low competition in contests compared to established apps like dream11.

Would not suggest these apps to anybody. I know this becomes like an alternative to sports betting and so on and since the government does not allow gambling openly, these predatory apps are trying to catch the demanding people.

Still, a lot of scams can happen and in general a risk these apps are. Tell them to avoid these, that is the maximum you can do from your side.

Some time ago there was a gambling app which hired popular celebrities who were promoting the app like anything.
Honestly, I don't believe in such apps and hesitate to download such apps on my phone. I prefer gambling on desktop.
But the way these sites were advertising their apps as if it will make us rich was so wrong.
Using popular celebs to advertise such appropriate because there's a large audience that watches them and get influenced.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

Quote from: libert19 on December 27, 2023, 12:02:29 AM

Quote from: pawanjain on December 25, 2023, 10:05:23 AM

Not just trading but also gambling apps. There are people trying to advertise gambling apps where people make huge profits.
Once users deposit money in it and win money they get scammed when they try to withdraw the money.

One of my relative has his money stuck in fantasy cricket app (I don't consider fantasy games anything less than gambling). He started using those because in them there is low competition in contests compared to established apps like dream11.

Would not suggest these apps to anybody. I know this becomes like an alternative to sports betting and so on and since the government does not allow gambling openly, these predatory apps are trying to catch the demanding people.

Still, a lot of scams can happen and in general a risk these apps are. Tell them to avoid these, that is the maximum you can do from your side.

libert19

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Quote from: pawanjain on December 25, 2023, 10:05:23 AM

Not just trading but also gambling apps. There are people trying to advertise gambling apps where people make huge profits.
Once users deposit money in it and win money they get scammed when they try to withdraw the money.

One of my relative has his money stuck in fantasy cricket app (I don't consider fantasy games anything less than gambling). He started using those because in them there is low competition in contests compared to established apps like dream11.

pawanjain

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Activity: 2702

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Nothing lasts forever

Quote from: Bitcoin Smith on December 22, 2023, 01:08:21 PM

You can see different kind of trading apps promoted by influencers in social media platform like youtube, Instagram and most of them won't be available in Play store which itself a red flag and why we should not install them at any cost. But a lot of people install such apps and try trading and lose their money.

Even though Indian government is trying to ban such apps and give strong warning to the people who are promoting them, still we can see stories, and I am reminding you this now after reading such story on reddit.

Quote

Hello fellow members of CryptoIndia , my dad is super new to crypto and was introduced to it by a certain friend of a friend roughly 2 weeks ago. Even in these novice stages he bought-sold usdt worth 50k-100k inr multiple times and claimed to make a profit of 3-4k inr each time.

So please ask people to stay away from these scammers who are constantly targeting Indian youngsters who are just starting their trading/investment career.

Not just trading but also gambling apps. There are people trying to advertise gambling apps where people make huge profits.
Once users deposit money in it and win money they get scammed when they try to withdraw the money.
Same goes with trading apps. There are people who promote trading apps which offers huge bonuses but are apps to scam other users.
Every newbie should do a research on which app to use before they decide to deposit their money in any app.

Bitcoin Smith

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Quote from: libert19 on December 23, 2023, 10:15:30 PM

I used to see YouTube advert saying, "markets ups and downs bothering you? Start trading futures/options today" and was wondering how would futures/options would help with market ups/downs, they can ofc help user in losing money faster if market goes against your direction.

Trading exerts whom I follow always advised to stay away from F&O (futures and trading) because its nothing but a gambling and comes with more risk that spot trading due to the leverage function, so these trading platforms are not even an actual trading platform but acts as something similar to crash game on casinos.

libert19

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Quote from: TheUltraElite on December 24, 2023, 04:55:18 AM

Quote from: Bureau on December 23, 2023, 05:57:52 AM

In all AI for scammers is a blessing in disguise.

It might sound paranoid but these things are helping propel scams and induce more mental health problems in the society - something that we will witness in the upcoming years. You cannot trust anything on the internet anymore and be skeptical about everything that is too good to be true.

Indeed, deepfake has become very good lately, on first glance videos look as if they are genuine. In future ai is only going to better, and harder to distinguish.

Look at this: https://youtube.com/shorts/Mfje9lsY65c?

Quote from: libert19 on December 23, 2023, 10:15:30 PM

Quote from: TheUltraElite on December 24, 2023, 04:55:18 AM

I used to see YouTube advert saying, "markets ups and downs bothering you? Start trading futures/options today" and was wondering how would futures/options would help with market ups/downs, they can ofc help user in losing money faster if market goes against your direction.

It is a method to grab those who have a pestering mindset of why they are not able to make money in a sideways market. Remember when the bitcoin market was being stagnant and we have this boom of margin and leverage trading? Its similar because the lack of up or down movement means a lack of exchanges getting paid trading fees so they introduce margin and leverage and start promoting it on media.

Oh, makes sense. Margin trading is insanely profitable for exchanges, I didn't know this until I started using coindcx.

TheUltraElite

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Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

Quote from: Bureau on December 23, 2023, 05:57:52 AM

In all AI for scammers is a blessing in disguise.

It might sound paranoid but these things are helping propel scams and induce more mental health problems in the society - something that we will witness in the upcoming years. You cannot trust anything on the internet anymore and be skeptical about everything that is too good to be true.

Quote from: libert19 on December 23, 2023, 10:15:30 PM

I used to see YouTube advert saying, "markets ups and downs bothering you? Start trading futures/options today" and was wondering how would futures/options would help with market ups/downs, they can ofc help user in losing money faster if market goes against your direction.

It is a method to grab those who have a pestering mindset of why they are not able to make money in a sideways market. Remember when the bitcoin market was being stagnant and we have this boom of margin and leverage trading? Its similar because the lack of up or down movement means a lack of exchanges getting paid trading fees so they introduce margin and leverage and start promoting it on media.

libert19

hero member

Activity: 2520

Merit: 952

I used to see YouTube advert saying, "markets ups and downs bothering you? Start trading futures/options today" and was wondering how would futures/options would help with market ups/downs, they can ofc help user in losing money faster if market goes against your direction.

Bureau

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Deep fake scam is indeed very scary. You think it is a real celebrity but it is a fake and to an extent they sound like the real one. Scammers are coming up with new ideas by utilizing the new technology to scam. I have come across a website that has the ability to clone any website in few minutes and can deploy it without any problems. In all AI for scammers is a blessing in disguise.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

The majority of scams happening in Indian market are people getting cold calls from scammers asking them to invest in something that can double their money. They are getting greedy and taking the step, which could have been prevented by their own actions.

If a little bit of awareness is spread and the habit of believing everything someone tells you is reduced, these type of scams can be controlled. But its difficult in a country like ours where scientific questioning is lacking.

Bitcoin Smith

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Quote from: kentrolla on December 22, 2023, 04:23:36 PM

Yeah there are numerous scamming app which has been rolled out on the Indian market and with the emergence of AI tools like deepfake and other applications they make it look like influencer or celebrity is promoting the trading application and some fall prey to it. There are also advertisement which claims to give you certain percentage of returns everyday based on your investment and just scam people.

Deep Fake scams are new to the Indian market and we haven't seen not much regarding them, but this is promoted by actual people so-called Instagram celebrities who don't know anything at all about crypto or trading but they claim to be they made 20K profits in one minute just by one click, blah blah stories and get paid 10K for one post.

kentrolla

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Yeah there are numerous scamming app which has been rolled out on the Indian market and with the emergence of AI tools like deepfake and other applications they make it look like influencer or celebrity is promoting the trading application and some fall prey to it. There are also advertisement which claims to give you certain percentage of returns everyday based on your investment and just scam people.

I think it's time people should pay heed to governments advice carefully and shouldn't decide on investing into anything just because it's there on social media or the stories associated with it especially false stories articulated in a professional way.

Bitcoin Smith

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Activity: 910

Merit: 284

You can see different kind of trading apps promoted by influencers in social media platform like youtube, Instagram and most of them won't be available in Play store which itself a red flag and why we should not install them at any cost. But a lot of people install such apps and try trading and lose their money.

Even though Indian government is trying to ban such apps and give strong warning to the people who are promoting them, still we can see stories, and I am reminding you this now after reading such story on reddit.

Quote

Hello fellow members of CryptoIndia , my dad is super new to crypto and was introduced to it by a certain friend of a friend roughly 2 weeks ago. Even in these novice stages he bought-sold usdt worth 50k-100k inr multiple times and claimed to make a profit of 3-4k inr each time.

So please ask people to stay away from these scammers who are constantly targeting Indian youngsters who are just starting their trading/investment career.

Topic: Beware of fake trading apps! (Read 186 times)