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Stay vigilant: Learn to spot and stop WhatsApp scams

Moomoo Lily wrote a column · Nov 20, 2023 04:14
At moomoo, we take user safety seriously. Despite our best efforts, black market scammers are constantly evolving their tactics. The latest trend involves luring users to third-party platforms like WhatsApp through instant messages, telephones, or texts. Try to help safeguard our users from this new wave of deception, we're providing detailed information on the different types of scams out there and how to stay vigilant.
1. What is a WhatsApp scam?
WhatsApp scam encompasses a range of deceptive practices carried out on the platform, such as misleading investment schemes, empty promises of high returns, and the dissemination of phishing links. These scams often result in the leakage of personal information and can have serious financial consequences for those targeted.
2. How do they gain your trust?
By impersonating moomoo investment advisors or account managers;
Example 1: impersonating moomoo and giving illegal financial advice
Example 1: impersonating moomoo and giving illegal financial advice
By creating fake personas, such as attractive women or individuals from your hometown, to extract personal information and build emotional connections with you over time.
By luring you with empty promises of high returns on moomoo, leading you to take additional steps on WhatsApp, as demonstrated in the following example.
Example 2: promising high returns and inviting you to join WhatsApp
Example 2: promising high returns and inviting you to join WhatsApp
Example 3: redirecting you from the moomoo chat to WhatsApp
Example 3: redirecting you from the moomoo chat to WhatsApp
3. How do they take your money?
Empty promises of high returns: Impersonating legitimate investment institutions or experts, promising high returns and low risks, inducing you to invest in stocks or IPOs with extremely poor liquidity. The goal is to sell off these stocks once they've been purchased by you, causing prices to drop and generating profits for themselves.
Misleading investment schemes: By presenting a convincing pitch and urging individuals to transfer funds to a fake site or app, they make it difficult or impossible for you to retrieve your money.
Phishing links: Inducing you to click on a message that contains a malicious link in order to steal your personal information or money.
4. How to better protect yourself?
To help avoid becoming a victim of WhatsApp scams, you can take the following preventive measures:
Exercise caution when accepting friend requests: Refrain from adding strangers as friends without careful consideration, especially those sent through the search feature. If you wish to add someone as a friend, it is advisable to verify their identity beforehand.
Validate the information source: It is essential to ensure that investment-related information comes from a reliable source. To confirm the authenticity of the information, check the sender's identity first. If the sender claims to belong to a particular organization, verify this by visiting the official website or using a search engine. Moreover, be skeptical of messages that contain questionable links and avoid clicking on them.
Stay alert to high-return promises: Every investment involves an element of risk, and high-return investments are no exception. Be on guard if someone tries to persuade you by making big promises or offering internal insights. It is essential to remain skeptical and avoid making hasty investment decisions.
Safeguard your personal information: It is crucial to keep sensitive personal information, such as investment details, ID card numbers, bank account numbers, and passwords, private on WhatsApp or any other social media platform. Additionally, change your password regularly to avoid exposing your personal information.
5. How does moomoo protect you?
To help ensure your personal and financial security, moomoo takes the following actions:
Adhering to strict privacy protocols under the ISO27001 information security management standard, which includes sophisticated security monitoring and reporting tools.
Taking swift action against all forms of fraudulent behavior, such as detecting and disabling fake Moo community accounts, removing counterfeit moomoo sites and apps, and collaborating with other online communities to fight scams.
6. How to contact us on WhatsApp:
Moomoo SG and Moomoo AU have partnered with WhatsApp. Both companies have registered official accounts verified with a green tick badge, allowing us to promptly address any inquiries you may have. You can reach us via the following numbers:
Moomoo SG WhatsApp number: +65 3129 5222
Moomoo AU WhatsApp number: +61 482085759

Please note that we won't direct you to add other WhatsApp personal accounts or group chats. Moomoo does not recommend stocks through any platform.
In case you discover any personal WhatsApp accounts that pretend to be moomoo staff, please report them directly on WhatsApp. We have established a fast-track process with Meta (the parent company of WhatsApp) to deal with these incidents of WhatsApp scams carried out by individuals impersonating moomoo employees. In the event of any clients suffering from financial loss, we will assist them in filing reports with the relevant authorities and cooperate fully in the investigations.
If you encounter situations where it is difficult to confirm if an account belongs to moomoo, please contact our online customer service by going to "Me > Customer Service" in the moomoo app. Furthermore, if you discover any cases of people impersonating moomoo officials, please present supporting evidence through the "Fraud Prevention > Report Fraud" so that we can respond proactively and initiate appropriate measures.

All contents such as comments and links posted or shared by users of the community are the opinion of the respective authors only and do not reflect the opinions, views, or positions ofMoomoo Financial Inc., Moomoo Technologies, any affiliates, or any employees ofMFI, MTI or its affiliates. Please consult with a qualified financial professional for your personal financial planning and tax situations.This presentation is for information and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. See this link for more information.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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