KARACHI:
Online trading is a method that facilitates buying and selling of financial instruments such as mutual funds, equities, bonds, stocks, and commodities through an electronic interface. It has become the most preferable or desirable source of income for today’s generation due to its convenience. However, most people fail to acknowledge the disadvantages of online trading including the possibility of fraud. In recent years, many Pakistanis have fallen victim to online scams and frauds.
Online fraud can happen in many ways including security breaches and identity theft wherein unauthorised and unsecured platforms or websites can take control of your personal data and sensitive information such as personal emails, Internet Protocol (IP) address, credit, or debit card information, etc. The stolen data and information can be used for different purposes including illegal activities.
People need to be more cautious when using online platforms for trading or financial transactions. There are different ways to identify and ensure the legitimacy of websites and platforms. People should secure their information through privacy settings, reading privacy statements, and avoiding using external internet services. The Federal Investigation Agency should improve awareness about online fraud and how to protect oneself online through informative campaigns.
Eklima Imtiaz
Islamabad
Published in The Express Tribune, April 13th, 2023.
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