Stock scams are getting more and more sophisticated: Creating fake apps, taking real money

The Vietnamese stock market has seen all sorts of high-tech scams: creating fake investment apps with professional interfaces, impersonating consulting experts...

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

Many investors fall into the trap of virtual "super profits".

Build fake apps, promise 777% profit

Ms. H. (residing in Hanoi) reported that she was lured into investing up to 4 billion VND in stocks with a commitment of profits up to 777% through the above AJB DIRECT application. Initially, the account showed steady profits, but when she tried to withdraw money, she could not do anything, was removed from the group, and had her contacts blocked, only then did she realize she had been scammed.

The platform named "AJB DIRECT" has just been exposed by the Hanoi police. This application displays full indices such as VN-Index, HNX-Index, VN30-Index... just like the real thing.

The scam usually starts with invitations to join "stock investment learning groups" on Zalo and Telegram. Here, the subjects pretend to be consultants, constantly "hint at products", and guide players to try trading. The virtual profits shown on the application increase every day, making many victims trust and deposit real money.

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.

In fact, facing the widespread wave of counterfeiting, many securities companies have proactively invested in technology and tightened control processes.

Mr. Nguyen Khac Hai (Director of Legal and Compliance Control at SSI Securities) said that the company has processes and mechanisms to review, detect and handle cases of brand counterfeiting.

Some departments are assigned to review, detect early and summarize cases of forgery, then other departments provide legal support, handle violations and act as a focal point for working with the police.

Ms. Pham Thi Thanh Hoa (General Director of DNSE Securities) said that the company has deployed tools and software to scan and detect unusual information, fake websites and applications. At the same time, it also coordinates between parties and partners, taking advantage of social listening tools... to check information.

"In addition, the brand control, customer care, and PR - marketing departments are all responsible for reviewing, detecting, and handling cases where fake or fraudulent websites are discovered," said Ms. Hoa.

However, the general director of DNSE said that currently, fake websites, apps, and scammers operate sophisticatedly and constantly change their forms, making them increasingly difficult to detect.

"Secret" to identifying stock scams

Mr. Nguyen Khac Hai affirmed that securities companies licensed by the Securities Commission are not allowed to commit to profits for customers, except in the case of investing in fixed-income securities such as bonds.

"Profits of up to 700% are extremely large and can only be achieved with very long-term investments, measured in years. If a commitment to quick profits of hundreds of percent is made, it is most likely a scam," said Mr. Hai.

Compared to mainstream investment funds, Mr. Hai said that if the fund's profit increases higher than the general market growth rate, it is already a "victory". For example, if the VN-Index increases by more than 12% for the whole year, then performance above this level is considered effective.

Therefore, Mr. Hai recommends that commitments with interest rates many times higher than savings interest rates or the average increase of the stock market should be carefully considered. Investors should remember that high interest rates (if real) always come with high risks.

Be careful of impersonating stock market "heroes"

Not only creating fake apps, there is also the situation of impersonating securities company leaders and reputable people in the securities field to scam.

Mr. Truong Hien Phuong (senior director of SSI Securities) warned that we should be vigilant about 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.

To avoid falling into the trap of technology, investors should actively verify information, instead of passively receiving it. This can be done by hanging up the call, asking to reconnect, or asking unexpected, personal questions, or actions that are outside of the pre-programmed script. If the other end of the line is artificial intelligence or simulated content, they will not be able to respond smoothly and coherently.

Beware of scams when inviting to chat groups

Recently, many people have received calls claiming to be from SSI Securities or other brands, inviting them to join "stock expert" groups on Telegram, Zalo, and then enticing them to transfer money to their personal accounts.

SSI representative affirmed: "We do not invite customers to social networking groups and do not ask for money transfers to personal accounts. All official calls are made via the "SSI" identification phone number and instructions for transactions on the official platform".

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BINH KHANH

Source: https://tuoitre.vn/stock-fraud-is-more-and-more-intelligent-using-app-to-get-rich-and-real-money-20250609074457175.htm