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The Chairman of BWA, Dilip Chenoy, participated in the Q&A session.
He called for a comprehensive independent audit before investing in cryptocurrencies.
The first step that victims should take is to file a complaint with the relevant authorities.
Dilip Chenoy, President of the Bharat Web 3 Association (BWA), interacted with the media and participated in a Q&A session. Chenoy answered many questions related to educating investors and building a responsible virtual digital asset ecosystem in India. Most importantly, he highlighted some common fraud risks arising from messaging applications.
The chairman of BWA talks about initial verifications.
Dilip Chenoy called for thorough verification before investing in the cryptocurrency market via any platform. He emphasized the necessity of verifying that the service provider is registered with the Financial Intelligence Unit (FIU) and complies with Know Your Customer (KYC) standards.
The chairman of BWA added: “Review the documents and look at the use cases.” He also strongly recommended not to rely entirely on social media platforms.
He emphasized the need to exercise caution with platforms that do not comply with regulations or do not conduct thorough verifications. Most importantly, assess personal financial capability and risk tolerance.
Are cybersecurity practices necessary?
Dilip simply replied: Yes, confirming that it is non-negotiable to avoid losses of assets or confidential information. He explained that private keys and recovery phrases should never be shared, regardless of the circumstances. It is also not advisable to connect to public Wi-Fi or access an unknown URL, as this may lead to phishing sites.
Among the main warning signs, he stated, are promises of guaranteed or risk-free returns. He pointed out that the cryptocurrency market is volatile, and thus a commitment to delivering unusually high returns can be misleading.
He added that the absence of identity verification (KYC) procedures or even requesting payment outside the platform can be concerning.
Immediate steps, as explained by Dilip Chenoy.
Dilip stressed that contacting the national hotline, 1930, should be the first step victims take. The official website for reporting cybercrimes may request transaction records, communication logs, screenshots, as well as wallet addresses. Delaying reporting to the site may reduce the chances of recovering funds.
In conclusion, the chairman of BWA, Dilip Chenoy, called for a practical approach instead of succumbing to emotional pressures. The strongest line of defense is consumer vigilance. In other words, it is important to conduct independent verification, ensure compliance, and undertake a comprehensive risk assessment.$GM
