Online scams targeting older adults in India
In a rise in concerns of online scams which have been targeting the elderly population of India, a 63-year-old man from Hyderabad was recently defrauded of Rs 50 lakh after joining a fraudulent stock market scheme via a WhatsApp group. The incident highlights how senior citizens are increasingly becoming prime targets for cybercriminals exploiting digital channels to deceive and defraud.
The ‘Stock discussion group’ Scam
- The scam started when the victim joined a WhatsApp group titled ‘Stock Discussion Group’, hoping to explore investment opportunities.
- The group’s administrator, identified as Kunal Singh introduced himself as a seasoned financial advisor with an impressive track record.
- Singh claimed past returns as high as 500% on certain stocks, enticing the victim with promises of lucrative gains.
During online sessions facilitated through links shared on the group, Singh convinced participants to invest via a platform called ‘Skyrim Capital’, which he falsely presented as a legitimate financial service provider. Initially, the victim saw small returns on his investments, which built trust. Gradually, Singh persuaded him to invest a total of ₹50 lakh, transferred across multiple accounts to evade detection. When the victim attempted to withdraw his supposed profits, the scammers cut off communication, leaving him defrauded.
Deepfake Scams: High-profile faces used to mislead investors
In another troubling incident, scammers were employing deepfake videos of high-profile figures to add credibility to fraudulent schemes. Recently, deepfake videos featuring Infosys co-founder Narayana Murthy and Reliance Chairperson Mukesh Ambani were used in schemes targeting residents of Bengaluru.
It was in one case, where a woman who was named Veena invested in a trading platform after seeing a deepfake video of Murthy promoting it. Similarly, Ashok Kumar, a retired employee, fell for a scam involving a deepfake video of Ambani and lost Rs 19 lakh.
Authorities issue warnings to protect elderly citizens
As cybercrimes against older adults continue to rise, authorities and financial experts are urging families to educate elderly members about the risks of joining financial groups on unverified platforms like WhatsApp. They stress that legitimate financial institutions do not offer guaranteed returns or operate exclusively through social messaging apps.
Preventing financial losses in the digital age
Cybercrime experts advise investors to exercise caution and scepticism toward any investment scheme promising guaranteed returns, especially extreme figures. They recommend consulting certified financial advisors or trusted family members before making significant financial decisions. Scams are becoming increasingly sophisticated, and understanding digital risks is crucial for financial safety.
Reporting online scams
To combat these scams, the public is encouraged to report suspicious online financial activity. The national cybercrime helpline, 1930, and the government’s cybercrime portal at cybercrime.gov.in are resources available for those affected. As authorities work to mitigate cybercrimes, awareness and proactive caution remain key in protecting vulnerable populations from falling prey to digital fraud.
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