‘Cryptocurrency is a scam, have zero ties to the industry,’ says Ratan Tata

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JUNE 29, 2023

In the ongoing battle against fraud, yet another scam has come to light, this time with the involvement of Ratan Tata, one of the world’s wealthiest individuals. The chairman of the Tata Group took to Twitter on Tuesday to refute rumours regarding his association with the Bitcoin industry.

He categorically stated that he has no ties to the cryptocurrency industry and cautioned internet users to remain vigilant, emphasizing that articles or advertisements linking him to cryptocurrencies are false and intended to deceive citizens.

This incident is not the first time a prominent figure has been falsely accused of fraudulent activities. Anand Mahindra, the head of the Mahindra Group, also faced similar allegations when he invested in cryptocurrencies.

Misleading reports circulated, claiming that banks were fearful and experts were astounded by Mahindra’s cryptocurrency investments. However, Mahindra clarified that he had not invested any money in cryptocurrencies.

“It’s extremely common for scammers to fake articles and social media posts from well-known individuals, such as CEOs, business executives or notable individuals with ties to industries such as finance and cryptocurrency,” cyber security expert and Senior Staff Research Engineer at 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 is one of the most reliable tools in the scammers’ toolbox,” he added.

The proliferation of online fraud, particularly those involving cryptocurrencies, has become a concerning issue as technology advances. Recently, there has been a surge in WhatsApp scams, where users receive calls from unknown numbers offering employment opportunities.

Unfortunately, many individuals across India have fallen victim to these scams and lost money. Consequently, both Meta (formerly Facebook) and the Indian government have issued warnings, urging users to exercise caution and refrain from responding to such solicitations.

Online content, too, isn’t exactly safe, especially if it is coming from an unverified source or channel on a platform like YouTube. Says Satnam, “Scammers will leverage the existing audio and video footage of these individuals to craft convincing deep fake footage whereby these individuals talk of alternative investment opportunities including into cryptocurrencies.”

“Users should be extremely sceptical of posts they see promoted on social media and video footage circulating on sites like YouTube,” he added.

To combat these frauds, WhatsApp, for example, has introduced the ability to silence calls from unknown numbers. It is crucial to be cautious if you receive a job offer from an unfamiliar sender on WhatsApp, as falling for these schemes can result in financial losses.


Courtesy/Source: Firstpost / PTI