Online fraudsters now capital market sec warns
The Capital Markets Authority (CMA) in Kenya has warned the public about online fraudsters who are targeting investors and the general public. The warning comes after a surge in reported cases of online fraud and scams in the country.
According to the CMA, the fraudsters are using various tactics to deceive victims, including:
- Phishing emails and texts: Fraudsters are sending fake emails and texts that appear to be from legitimate sources, such as banks or financial institutions, in an attempt to trick victims into revealing sensitive information such as passwords, credit card numbers, and other personal details.
- Investment scams: Fraudsters are promising unusually high returns on investments, such as stocks, bonds, or cryptocurrencies, in an attempt to lure victims into investing in fraudulent schemes.
- Romance scams: Fraudsters are using social media and dating apps to build fake relationships with victims, with the goal of eventually asking for money or other financial assistance.
- Online auction scams: Fraudsters are advertising fake goods or services for sale online, with the goal of stealing money from victims who pay for the items.
The CMA has advised the public to be cautious when dealing with online transactions and to take the following steps to protect themselves:
- Verify the identity of the person or company you are dealing with: Make sure you are dealing with a legitimate person or company by verifying their identity and checking for any red flags.
- Be wary of unsolicited offers: Be cautious of offers that seem too good to be true or that require you to send money or provide sensitive information.
- Use strong passwords and keep them confidential: Use strong, unique passwords for all of your online accounts and keep them confidential to prevent fraudsters from accessing your accounts.
- Monitor your accounts regularly: Regularly check your bank and credit card statements to detect any suspicious activity.
- Report any suspicious activity: If you suspect that you have been a victim of online fraud, report it to the CMA and other relevant authorities.
The CMA has also warned that online fraud is a serious crime that can result in severe legal consequences, including imprisonment and fines.
In addition to the CMA, other organizations such as the Kenya Police and the Financial Reporting Centre (FRC) are also working to combat online fraud and protect the public.
It is important for individuals to be aware of the risks of online fraud and to take steps to protect themselves. By being cautious and vigilant, individuals can reduce their risk of falling victim to online fraud and protect their personal and financial information.