How to Stay Safe from Money Doubling Scam - Easy Ways (2024)

How to Save Yourself From Money Doubling Scams

Here are some points that you must keep in mind to save yourself from money doubling scams:

1) Be Attentive

Stay alert when investing in the stock market through Groww. Be cautious of schemes that claim to give you extremely high returns. On social media, you might come across ads saying, ‘Double your investment amount in just 2 months’. Do not be tempted by these promises of quick wealth.

2) Control Your Biases

To protect yourself from money doubling scams, it is crucial to control your behavior and biases. Often, our actions and tendencies make us susceptible to financial fraud.

Common biases include the desire for adventure, the need to always be right, and the temptation to get rich quickly. Additionally, the fear of missing out or the inclination to reciprocate freebies received from others can influence our decisions.

3) Be Careful with Tech-based Actions

Be cautious when encountering investment offers from unfamiliar sources while using the Groww app. Numerous financial frauds in India occur through unsolicited phone calls or emails, with scammers using technology to deceive unsuspecting individuals.

If you receive a call or email, watch out for these warning signs:

• Promising guaranteed double returns from Groww
• Pressuring you to make a quick decision for a limited-time offer
• Claiming that everyone else is investing and getting twice their investment amount

4) Do Not Enter PIN/OTP unless Verified

Be extra cautious if you receive requests asking you to make a payment or provide your UPI PIN to supposedly receive funds, as this could be a scammer tactic to trick you into sending them money instead.

5) Use Verified Contact Details

Avoid searching for customer support numbers on external platforms like Google, Twitter, or Facebook. The only official way to reach Groww customer support is through the app or its online website.

How Should You Respond When Contacted by a Fraudster?

If you are contacted by a fraudster, you need to take the following actions immediately to protect yourself:

• Report the incident to your nearest cybercrime centre and file an FIR with the police. Provide relevant details such as phone numbers, transaction information, card numbers, and bank account details. You can do this by visiting the official cybercrime website or contacting them through their phone number to file a cyber complaint online.
• If you receive a suspicious contact via the Groww App, log in to your Groww account immediately and access the ‘Help’ section. From there, report the fraudulent incident by selecting ‘I noticed suspicious activity on my account’ under the ‘Groww Account’ section. Another option is to visit https://groww.in/help and log in to report the issue.

Summing Up

It is crucial to take proactive measures to safeguard yourself from money doubling scams, especially when using platforms like Groww.

By staying alert, controlling your immediate actions, and being cautious of red flags, you can protect your investments from such fraudulent schemes. Remember to report any suspicious activity through official channels provided by Groww or cybercrime centres to help combat financial fraud and ensure the security of your finances.