KARACHI – If you scroll through social media and see app promising easy stock profits, complete with snaps of your favorite stars and popular financial influencers, you need to stay cautious before getting excited as several mobile apps are claiming to offer AI-based trading system, but in real its sham.
Securities and Exchange Commission of Pakistan (SECP) issued stern warning to public after uncovering massive wave of fraudulent investment schemes circulating on social media and WhatsApp. Individuals and groups are misusing names of licensed brokers, alongside images of celebrities, financial influencers, and brokerage executives, to lure unsuspecting investors.
“TSLWEA/TSL WEALTH” App been identified as impersonating the licensed broker Topline Securities Limited. Alarmingly, a WhatsApp group called “A103-Topline Stock Strategies Hub” is promoting this app and an AI-based trading system, falsely claiming affiliation with Topline Securities.
SECP has made it clear: TSL WEALTH is not licensed or authorized to operate any investment or trading services for the Pakistan Stock Exchange (PSX) or any other regulated market.
Authorities have also flagged AI-generated social media ads exploiting the images of celebrities, FinFluencers, and executives of legitimate brokerage firms to trick users into joining illegal WhatsApp groups offering investments in listed companies. These groups are illegal, and participants are at high risk of losing their money.
To stay safe, SECP urges investors to deal only with SECP-licensed securities and futures brokers, listed on official PSX and PMEX websites. Verify any investment service before sharing funds or personal information.
SECP reported the fraudulent app and groups to Google, the Pakistan Telecommunication Authority (PTA), and law enforcement agencies.
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