Ratan Tata has said that he is not involved with any cryptocurrency companies and that cryptocurrencies are a scam, after reports began circulating online that they had invested in Bitcoin and certain cryptocurrency businesses.
In the ongoing battle against fraud, another scam has come to light, this time involving Ratan Tata, one of the richest people in the world. The chairman of the Tata Group took to Twitter on Tuesday to refute rumors about his association with the Bitcoin industry.
He categorically stated that he has no ties to the cryptocurrency industry and warned internet users to remain vigilant, emphasizing that articles or advertisements linking him to cryptocurrency are false and intended to mislead citizens.
This incident is not the first time that a prominent figure has been falsely accused of fraudulent activities. Anand Mahindra, the head of the Mahindra Group, also faced similar accusations when he invested in cryptocurrencies.
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Misleading reports circulated claiming that banks were afraid and experts were in awe of Mahindra's cryptocurrency investments. However, Mahindra clarified that he had not invested any money in cryptocurrencies.
"It is extremely common for scammers to spoof articles and social media posts by well-known individuals, such as CEOs, business executives or notables linked to industries such as finance and cryptocurrency," said the cybersecurity expert and senior research engineer. of Tenable. Satnam Narang told Firstpost.
"Mr. Ratan Tata highlighted an example of a fraudulent article discussing a fake 'wealth loophole', which is a timely reminder that it is one of the most trusted tools in the scammers' toolbox," he added.
The proliferation of online fraud, particularly those involving cryptocurrency, has become a worrying problem as technology advances. Recently, there has been an increase in WhatsApp scams, where users receive calls from unknown numbers offering employment opportunities.
Unfortunately, many people in India have fallen victim to these scams and have lost money. Consequently, both Meta (formerly Facebook) and the Indian government have issued warnings, urging users to be careful and refrain from responding to such requests.
Online content isn't exactly secure either, especially if it comes from an unverified source or channel on a platform like YouTube. Satnam says: “Scammers will leverage existing audio and video images of these individuals to create compelling deep fake images in which these individuals discuss alternative investment opportunities, including in cryptocurrency.”
"Users should be extremely skeptical of the posts they see promoted on social media and the video footage circulating on sites like YouTube," he added.
To combat these scams, WhatsApp, for example, has introduced the ability to mute calls from unknown numbers. It is crucial to be careful if you receive a job offer from an unknown sender on WhatsApp, as falling for these schemes can result in financial loss.
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