Pakistan Fraud Alert Targets Investors Amid Rising App Scams
A new Pakistan fraud alert has raised concerns among investors across the country. Many people now receive flashy ads on social media that promise quick profits from stocks and digital trading. These apps often display images of celebrities and well known finance influencers to appear genuine.
Users feel tempted by claims of smart AI tools. However, the Securities and Exchange Commission of Pakistan has warned that these claims are false. SECP revealed that several apps operate without licenses and mislead people into risky schemes.
One of the major names involved is the “TSLWEA” or “TSL WEALTH” app. SECP confirmed that this app falsely claims a link with Topline Securities Limited. A WhatsApp group called “A103 Topline Stock Strategies Hub” also promotes the app. It markets a fake AI trading system and pretends to work with the licensed broker.
In addition, SECP clarified that TSL WEALTH has no approval from the Pakistan Stock Exchange or any regulated market. Therefore, any trading or advisory service offered through it is illegal and unsafe.
Misleading Tactics
Scammers have now expanded their methods. They create AI generated ads using celebrity photos, influencer content, and images of brokerage executives. These visuals give people a false sense of trust. As a result, many users join WhatsApp groups believing they are dealing with real experts.
These groups promise easy gains on listed companies. However, they are completely illegal. SECP warned that anyone participating risks losing money, data, or both. The regulator stressed that only licensed brokers listed on PSX and PMEX offer secure services.
SECP advised everyone to verify the legitimacy of any investment platform. People should confirm licenses before transferring funds or sharing personal details. In addition, the regulator encouraged users to stay alert when receiving unusual calls, messages, or links.
Authorities have already reported the fraudulent apps and groups to Google, PTA, and law enforcement agencies. This step aims to stop the spread of these scams. However, SECP noted that digital fraud evolves quickly, so investors must stay cautious at all times.
