International Financial Services Centres Authority (IFSCA) has issued a public advisory cautioning financial consumers in the IFSC, particularly GIFT IFSC, against rising online scams and fraudulent activities. While introducing innovative financial products and services, IFSCA emphasizes its responsibility to protect consumer interests, especially amid increasing misuse of social media platforms like WhatsApp, LinkedIn, Telegram, and YouTube by fraudulent entities. These platforms can be exploited for impersonation, spreading fake investment offers, or using AI-generated content to mislead investors.
Referencing a global trend, IFSCA noted that the International Organization of Securities Commissions (IOSCO) issued a similar call to platform providers to help combat online financial harm. To safeguard themselves, consumers are urged to avoid unsolicited offers promising unrealistic returns, verify the authenticity of entities or individuals claiming association with IFSC or IFSCA, and always conduct thorough due diligence before engaging in financial transactions. Official communications from IFSCA are only issued through emails with the domain “@ifsca.gov.in,” and verification links for registered entities and IFSCA officials are provided on its official website.
IFSCA encourages consumers to promptly report any suspicious or unregulated financial activity related to IFSC to its Consumer Education and Protection Division. Contact details of relevant IFSCA officials are provided in the advisory for reporting purposes. The advisory, dated July 9, 2025, is part of IFSCA’s ongoing initiative to enhance financial awareness and protect stakeholders from digital financial threats.
*****
International Financial Services Centres Authority
Press Release
Public Advisory: Safeguard Yourself Against Online Scams & Frauds
1. IFSCA being a unified financial sector regulator, while introducing many new financial products and services in the IFSC, is also conscious of its duty to protect the interests of consumers availing services in the IFSC. The increasing popularity and widespread adoption of social media (such as Whatsapp, X, LinkedIn, Telegram, Youtube etc.) have significantly transformed the way retail consumers connect and share information. While these platforms offer numerous benefits, such platforms can be misused by unscrupulous entities for fraudulent activities and misleading financial consumers.
2. The financial sector regulators across the world are facing similar challenges. IOSCO also has on May 21, 2025 issued a statement on ‘Combatting online harm and the role of platform providers’ and has called upon Platform Providers to join this urgent effort to combat online harm and to thwart their services from being misused to conduct fraud.
3. Financial consumers in the IFSC are therefore advised to exercise caution, remain vigilant and follow the below mentioned guidelines to protect themselves from scams and frauds:
a) Unsolicited Offers
Be cautious when receiving unsolicited messages or investment offers related to GIFT IFSC, especially those claiming to provide exclusive or unrealistic high-return opportunities with minimal risk.
b) Fake Identities
Scammers may impersonate IFSCA officials, senior executives of financial entities, or celebrities to gain public trust. They may create fake profiles, spoof email addresses, and use AI-generated testimonials or deepfakes to mislead investors.
Always verify whether the entity offering financial products or services in the IFSC is registered, authorised, or licensed with the IFSCA in the directory available on the IFSCA website: https://ifsca.gov.in/Directory.
The names and contact details of IFSCA officials are available on the website of IFSCA. In case of doubt, please verify the identity using the link:
https://ifsca.gov.in/Pages/Contents/Management-Team
Further, it may be noted that all official communications from IFSCA are issued through official email IDs with domain address @ifsca.gov.in.
c) Conduct Due Diligence
Always seek detailed information about any financial product or service before investing or entering into any transaction relating to GIFT IFSC. Review all relevant documents, terms and conditions carefully and be fully aware of the risks involved.
d) Report suspicious activities
As a responsible financial consumer, in case of any suspicious or unregulated financial activities relating to the IFSC, the same may be promptly reported to the Division of Consumer Education and Protection, IFSCA.
Contact:
Mr. Nikhil, Assistant Manager, IFSCA (Email ID: nikhil.solanki@ifsca.gov.in)
With a copy to:
Dr. Praveen Trivedi, Executive Director, IFSCA (Email ID: praveent.ed@ifsca.gov.in)
Mr. Arjun Prasad, General Manager, IFSCA (Email ID: arjun.pd@ifsca.gov.in)
Mr. Akash Boddeda, Assistant Manager, IFSCA (Email: akash.boddeda@ifsca.gov.in)
(A Consumer Education and Protection Initiative by IFSCA)
July 09, 2025
Gandhinagar
