Beware! ‘Princess’ and Other Fraudulent Apps Putting Pakistani Investments at Risk
Which Investment Apps Can be Relied Upon?
In recent months, a troubling trend has surfaced in Pakistan involving deceptive online investment apps. Among these apps, “2139″ and “Princess” are the most prominent, with minimum investments ranging from $100 to 900 PKR respectively. However, some other apps operating in the same way include RobinHood, Mexem, etc.
Despite being aware of the risks, many citizens including well-educated individuals are losing significant amounts of money to these fraudulent platforms. Initially, these platforms appear legitimate, delivering returns to create a sense of trust and credibility. However, once they have lured enough investors into their trap, they abruptly disappear, leaving users without any means to recover their funds, according to a credible source.
Upon research, it was revealed that the majority of these fraudulent platforms operate from abroad, making it difficult for victims to trace or reclaim their money. Unfortunately, Pakistan witnessed unprecedented growth in such scams.
Another worrying thing is that besides financial losses, these apps often track personal information, such as email addresses and mobile banking details leading to potential hacking risks. Therefore, both individuals and the government must take a proactive stance in tackling these scams. It can be done through the launch of public awareness campaigns and the government should set stringent regulations to prevent further losses.
It is advised that people who want to invest should look out for other trustworthy apps including banking apps (investment in savings accounts and mutual funds), Easypaisa (Sehl plans and others), Investify PSX (investment in stocks), etc.
Also read:
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