Upstox cautions investors of impersonation scams; urges to stay vigilant


Mumbai, July 10th, 2024: Upstox, one of India’s leading wealth management platforms, has issued a cautionary advisory regarding an uptick in impersonation scams targeting investors. With the increasing adoption of AI, Upstox has observed instances across sectors where individuals are trying to impersonate brands and defraud the general public. While investigating such attempts, the Upstox cybersecurity team has identified common patterns – such as the creation and usage of fake Social Media accounts, Apps, WhatsApp groups, and Websites pretending to be Upstox offering educational courses, stock tips, and promising guaranteed returns.

Upstox has noticed fake channels, such as ‘Upstox Facilities Group’ and ‘Upstox Investment Academy’, falsely claiming affiliation with Upstox and posing as Upstox employees. These groups are claiming to conduct educational courses and sessions on the Stock Market under Upstox’s name. Customers from Tier 2 and Tier 3 are especially affected by these impersonation scams due to a lack of awareness and limited access to reliable information sources. With a customer base of 1.4 crore, Upstox has initiated a comprehensive awareness campaign across multiple communication channels to educate and protect investors. This includes recurring email campaigns alerting new, active, and dormant users, in-app product banners alerting logged-in users, and frequent push notifications and social media campaigns.

Ravi Kumar, CEO and Co-founder of Upstox expressed concern over the surge in fraudulent activities. “As one of India’s largest wealth-tech companies, it’s our responsibility to educate individuals about these events and our commitment to preparing them to tackle such situations. We take the safety and security of our investors very seriously. We are committed to providing a secure investment environment and request all investors to conduct transactions only through our official channels. Please help us spread awareness and stay vigilant. Our goal is to ensure that every investor can transact with confidence and peace of mind.”

Upstox is committed to helping Indians invest right and build wealth with confidence. Dedicated to maintaining the highest levels of customer security and trust, Upstox has built a robust tech infrastructure that enables individuals to invest and trade securely and safely.

Upstox and its representatives will never ask users to transfer money via any link or make cash payments. To avoid falling prey to impersonation scams, Upstox has shared a few crucial measures:

  1.  Check broker legitimacy: Always conduct thorough research before engaging with any individual or platform. Look for SEBI registration and Stock Exchange membership to ensure credibility.
  2.  Beware of unsolicited offers: Exercise caution with unexpected calls, emails, or messages promising quick profits. Block and ignore such communications to avoid falling victim to scams.
  3.  Verify communication channels: Pay close attention to the communication handles of brokers offering quick returns. Upstox always uses its official channels, details of which are provided at the end of this blog.
  4.  Protect personal information: Keep sensitive information private, especially when dealing with unknown individuals or suspicious requests. Upstox or its employees will never ask for personal details without proper verification.
  5.  Report suspicious activity: Promptly report any suspicious activities

Upstox reiterates that its employees will never ask for personal or financial information through unofficial communication channels. Upstox will not share Stock tips offering guaranteed returns. Investors are urged to stay vigilant, verify all communications, and report any suspicious activities immediately. Upstox accepts no responsibility for any transactions made which were improperly incurred as a result of fraudulent activity.

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