To protect the public from financial scams, the government is actively issuing warnings about fraudulent activities. One of the latest concerns involves the trading app, 5pit Trade, which poses a risk of emptying users’ accounts. This information is shared by Cyber Dost, a cybersecurity awareness initiative operating under the Ministry of Home Affairs, Government of India.
Fraudsters employ various tactics, including creating fake apps that closely resemble legitimate ones, making it challenging for users to identify the real app from the fake. People download these fraudulent apps, set up accounts, and provide their personal details, leading to potential financial exploitation.
If you’ve been caught in the trap of 5pit Trade, the consequences can be severe. Users are advised to uninstall the app immediately and remove their bank account details to prevent any misuse. A post on the Cyber Dost X account includes an image suggesting the app was available on the Apple App Store. The government urges the public to report such apps.