Sethurathnam Ravi (S Ravi) is the former BSE Chairman and founder of Ravi Rajan & Co. In his past career he held the position of Union Finance & Revenue Secretary at India Ministry of Finance. Presently, Mr. Ravi holds the position of Non-Executive Chairman of Tourism Finance Corp. of India Ltd. and Director & Managing Partner at RRCA & Associates. Sethurathnam Ravi shares his views on how to protect yourself from fraudulent app scams.
According to Mr. S Ravi BSE, fraud applications have been a menace to many users who have lost money unknowingly. They are fake applications that are mirrors of legitimate applications available on the market. Fraudsters and scammers create applications to induce people to use them. These applications could be similar to popular applications to mislead users who download them on their phones or laptops. It can be a jumble of words that are more or less similar to frequently used applications. However, these applications have one thing in common; they are disguised as genuine applications and are well constructed.
“It is public knowledge that many of these fraudulent apps have also been promoted and advertised on Google networks, Facebook, Instagram, TikTok, etc. As per published information, more than 5 lakh Indians were cheated by using Chinese applications amounting to approximately ₹150 crores. Many investment applications were used to swindle small investors”, Mr. Ravi says.
There are too many cash applications that have witnessed a high percentage of fraud. Cash applications have been chosen carefully as this directly causes financial damage. Such applications are Ultima Keyboard space 3D pro, GT Sports Racing Online, Fitness Ultimate 2o21, Wi-Fi pass code unlock, video mixer editor pro, RT news, UC Browser, Clean It Reface Ultra, live photo animator, ultra-camera HD, water drinker reminder, magic mix, etcetera. Researchers have identified more than 151 applications that, once installed on phones, can carry out fraudulent activities.
Sethurathnam Ravi BSE Chairman also acknowledges that the government of India has taken measures to eradicate cyber-crime. Local police have consistently arrested fraudsters and also investigated promoters of such applications. The government of India banned Chinese applications to protect investors. A comprehensive list of fake applications was circulated to spread awareness, Mr. Ravi concludes.
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