Fake stock app releases stocks 1/5 cheaper than the market, many people lose billions

Three victims in Hanoi have just reported to the Department of Cyber Security and High-Tech Crime Prevention - Hanoi City Police about being scammed when investing in stocks on the SKSVIP application.

Many investors are scammed when accessing fake applications - Photo: AI

The Cyber Security and High-Tech Crime Prevention Department - Hanoi City Police said it received a report from three victims in Hanoi about being scammed when investing in stocks on the SKSVIP application.

After the AJB DIRECT case, most recently, an application called SKSVIP was discovered with similar tricks.

Scam to buy cheap stocks at 1/5 of the actual price

Specifically, three victims in Hanoi have just reported to the Department of Cyber Security and High-Tech Crime Prevention - Hanoi City Police about being scammed when investing in stocks on the SKSVIP application.

According to the report, the victims were invited to participate in an online stock investment course on the SKSVIP app. This app has an interface identical to official stock websites and applications, fully displaying stock codes, indices, and face values as in the real market.

Players are then guided to buy and sell stocks that are being traded on the floor. In particular, the subjects often "draw" attractive incentives associated with corporate events such as company anniversaries or internal news, to invite investors to buy cheap bonus stocks at only 7,000 - 10,000 VND/share (equal to 1/4 - 1/5 of the actual value).

Initially, participants made profits and were able to withdraw a small amount. Believing, the three victims continued to deposit more money in the hope of receiving higher profits, the total amount reaching more than 3.5 billion VND.

However, when they want to withdraw money, they are asked to pay more money for many reasons such as violating transaction rules, having to pay taxes or fees to be able to withdraw money. Then the account is locked, unable to make transactions.

Previously, Ms. H. (residing in Hanoi) also reported being lured into investing up to 4 billion VND in stocks with a commitment of "huge" profits of up to 777% through the AJB DIRECT application.

Initially, the account showed steady profits, but when withdrawing money, it could not be operated , was removed from the group and blocked from contact. This platform also fully displays indexes such as VN-Index, HNX-Index, VN30-Index... identical to the real platform.

The deputy general director of a securities company in Hanoi said that all transactions on fake platforms are pre-programmed, have no connection to the real stock market but display price fluctuations that look real, making it easy for many investors to fall into the trap.

"The familiar trick is to offer unusually high profits, up to hundreds of percent, to lure investors. Fraudulent apps often allow small initial withdrawals to create trust, then take all the large sums of money later," the securities company leader warned.

No reputable platform sells stocks below the floor price

Speaking to Tuoi Tre Online, Mr. Truong Hien Phuong - senior director of KIS Vietnam Securities - said that scammers often design fake apps that look exactly like those of reputable securities companies, making it easy for investors to fall into traps.

In particular, they often promise to sell stocks at a price lower than the market price - which is completely untrue. This person affirmed that no reputable platform sells stocks lower than the matched price on the floor.

Another distinguishing feature is the promise of high profits but very difficult withdrawals. Initially, investors can withdraw small profits to build trust, but when depositing large amounts of money, the app will lock the account or require payment of a "withdrawal fee" and then disappear.

He also noted that investors should never transfer money to their personal accounts. Legitimate securities companies always require investors to transfer money to their own identified accounts at custodian banks, without going through an intermediary.

In addition, the expert warned investors to be wary of deepfake technology, which is being exploited to create calls and livestreams with images of famous faces.

"In many cases, the images of business leaders appearing before the public are entirely products of artificial intelligence," said Mr. Phuong.

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BINH KHANH

Source: https://tuoitre.vn/app-chung-khoan-gia-tung-co-phieu-re-bang-1-5-thi-truong-nhieu-nguoi-mat-tien-ti-20250715213308207.htm