Cyberabad Police Issues Warning on Crypto Trading Fraud
Hyderabad, February 16
The Cyberabad Cyber Crime Police department has issued a stern cautionary message to individuals involved in peer-to-peer (P2P) cryptocurrency trading, highlighting the potential risks of unwittingly aiding cyber fraud.
In response to evolving tactics employed by cybercriminals, particularly the use of intermediary bank accounts known as mule accounts, law enforcement agencies have ramped up efforts to combat fraudulent activities. However, this has led to an adaptation in tactics, with fraudsters targeting individuals engaged in P2P crypto trading through platforms like Telegram.
The unsuspecting individuals who participate in such trading may unknowingly facilitate the conversion of illicit funds between fiat currency and cryptocurrency. Yet, when victims report these fraudulent transactions, those involved in P2P crypto trading may find themselves under scrutiny, potentially leading to the freezing of their bank accounts.
To address these concerns and mitigate the risk of unwitting involvement in cyber fraud, the Cyberabad Cyber Crime Police have issued a series of advisories:
- Exercise caution and refrain from responding to messages or offers related to part-time jobs or online trading.
- Avoid engaging in crypto trading, especially through P2P channels, to minimize exposure to fraudulent activities.
- Exercise vigilance when trading online and avoid transactions with anonymous or unfamiliar individuals.
- Report any cyber-related complaints or suspicious activities promptly to the authorities by dialing 1930.
By adhering to these guidelines, individuals can protect themselves from becoming unintentional participants in cyber fraud schemes.
Sd /-
DCP Cyber Crimes Cyberabad
