BWA Chairman Dilip Chenoy participated in the Q & A.
He called for thorough independent verification before crypto investment.
The immediate step for victims is to register a complaint with the authorities.

Dilip Chenoy, Chairman of Bharat Web3 Association (BWA), interacted with the media and participated in Q&A. Chenoy answered multiple questions related to investor education and having a virtual digital assets ecosystem in India that operates responsibly. He, most importantly, underlined some of the common fraud risks originating from messaging apps.

BWA Chairman on Initial Verifications

Dilip Chenoy has advocated for a concrete verification before investing in the crypto market through any platform. He has sought to check the service provider’s registration with the FIU and compliance with KYC norms.

Review the documents and go through use cases, BWA Chairman added. He has strongly recommended not to rely solely on social media platforms.

Platforms not complying to regulations or not undertaking thorough verification processes should be treated with caution. Most importantly, evaluate personal financial capacity and the level of risk tolerance.

On the source of frauds in the segment, Dilip emphasized that most of them originate from messaging applications. This includes, with no limitations whatsoever, Telegram, WhatsApp, and similar platforms. Users should disengage if the message or the communication expresses a sense of urgency.

Are Cybersecurity Practices Essential?

Dilip’s simple answer was Yes, calling them non-negotiable to avoid losses of assets or confidential information. Private keys and seed phrases, per his statement, should never be shared, no matter the situation. It is not recommended to connect to a public Wi-Fi or access an unknown URL, as it could lead users to a phishing site.

Some of the most common red flags, according to him, are promises of guaranteed or risk-free returns. He has highlighted that the crypto market is volatile and commitment to offering unusually high returns could, therefore, be misleading.

Not just the absence of KYC but even a demand for payment outside of the platform could be concerning, he added.

Immediate Steps, Dilip Chenoy Shares

Calling the national helpline number, 1930, should be the immediate step by the victims, Dilip underlined. The official cybercrime reporting portal may ask to submit transaction records, communication logs, and screenshots, along with wallet addresses. Delayed reporting to the portal could lower the chances of recovery.

In conclusion, BWA Chairman Dilip Chenoy has called for a practical approach instead of succumbing to emotional pressure. The strongest line of defense is consumer vigilance. Simply put, it is important to carry out independent verification, check for compliance, and conduct a thorough risk assessment.

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