With the rise in trading frauds, several traders complained about fraudulent trading in their accounts. After the proceedings, Mumbai Police Cyber Arm Broke the story on 19th July, 2022 regarding the scams that are happening over the past few months.
According to a tweet from the Mumbai Police, the North Region Cyber Police Station captured four men on charges of involvement in fraudulent activities.
A lawsuit was filed where a retired government employee's portfolio worth Rs 1.46 crore was conned with the exchange of a single OTP.
It was then discovered that the hackers called from the web-based application as if they were regular callers from stock broking and requested an OTP for KYC update which was a social engineering attack. Once the hacker obtains the OTP, they get access to your account and in many cases, replace your fundamentally good securities in the portfolio with penny stocks and sell your shares.
Right from the Retired Government Employees to Tech Savvy (IT Professional) have fallen victim to this scam now.
In order to prevent the scams that are occurring, here are a few cyber security tips for you to keep in mind
- Never share your credentials with anybody
- If you observe any fraudulent activity, please report it right away.
- After you've placed the transaction, keep an eye on your trade activity and the communications that are delivered to you.
Hence, Jiffy allows you to trade safely because
- No OTP is asked.
- Our modifications only take effect when the user logs in.
- Client information cannot be updated or modified by our RM.
- All transaction confirmation SMS are sent both during and after the trade.
So Change The Way You Trade With Jiffy.
