The India International Financial Services Centres Authority (IFSCA) published a public advisory warning consumers using services in GIFT IFSC about growing risks of online scams and frauds, particularly via social media and messaging platforms, and set out practical steps for protecting themselves. The advisory highlights common red flags such as unsolicited investment offers linked to GIFT IFSC that promise unrealistic returns with minimal risk, and impersonation scams involving fake profiles, spoofed email addresses, and AI-generated testimonials or deepfakes. Consumers are urged to verify whether an entity offering financial products or services in the IFSC is registered, authorised, or licensed by checking the IFSCA directory, and to treat communications as official only when issued from email addresses using the @ifsca.gov.in domain. The notice also calls for due diligence before investing or transacting, including reviewing documents and terms carefully, and encourages prompt reporting of suspicious or unregulated IFSC-related activity to IFSCA’s consumer education and protection function, noting IOSCO’s 21 May 2025 statement urging platform providers to help combat online harm.
India International Financial Services Centres Authority 2025-07-09
India International Financial Services Centres Authority issues public advisory to IFSC consumers on avoiding online scams and frauds
The India International Financial Services Centres Authority (IFSCA) warned consumers in GIFT IFSC about rising online scams, especially via social media and messaging platforms. The advisory details common scams like unsolicited investment offers and impersonation, urging consumers to verify entities through the IFSCA directory and report suspicious activities. It stresses due diligence and highlights IOSCO's call for platform providers to combat online harm.