The fake share trading app scam has now left the APK ecosystem and reached one that everyone swears is the safest and most secure. This is one of the main reasons that people all over the world use devices that run the particular OS. App makers will wonder how the share trading app scam has become active on this OS, given that companies slog for years to get their apps on the store.
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This Mumbai crime is truly shocking and will send app creators into a tizzy. An Oshiwara man has claimed that he was scammed of ₹2 crore and more in a fake share trading app. While the modus operandi for this should by now be familiar to site readers, what stands apart is that the app was on the Apple App Store.
How the Fake Share Trading App Scam Worked
First, the man contacted the scammer through a WhatsApp group. Upon contact, the man was told to download the app on the App Store, which he did. He then began using the app, depositing money in several accounts in different tranches.
The interesting part of this is that the banks named in the FIR are some of the biggest and most popular banks. One of them even regularly makes ads about how people should be careful and stay away from scams. But when a user is transferring ₹30 Lakh and ₹50 Lakh from their accounts to others, there are absolutely no checks and balances from the bank’s side.
Until now, the complainants of such crimes have almost always had an Android phone. Google has strict security and doesn’t allow fly-by-night apps, scammers convince victims to download their fake apps via APK files.
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Once again, the role of the banks comes into question. The FIR shows that the man transferred amounts ranging from ₹50K to ₹ 50 L to various accounts. It is beyond shocking that all the banks in question did nothing to stem the transfers or at least ensure that the transfers were being made for genuine reasons.
The individual has now filed a complaint under Section 66D, which covers digital crimes, and various sections that cover cheating and forgery, like Sections 318(4) and 336(2).
How to Stay Clear of Fake Share Trading Apps
The first step to stay away from such a scam is to absolutely refuse to download any app that is not on the respective app stores. Authorities create security steps for a reason, and individuals who bypass these are prime targets to become victims of scams.
Secondly, make sure that even websites that you access on your mobile or your desktop have SSL and are genuine. Browsers can do precious little to stop you from accessing fake websites. It is all up to you to figure out whether a website is fake or genuine.
The simplest way, of course, is to spend a very nominal amount on the app and then try to withdraw the amount. If there are any issues in the withdrawal, you can be pretty sure that the app is a scam.
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