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Zerodha CEO Nithin Kamath has voiced concerns over the growing menace of financial frauds after a Bengaluru-based techie lost ₹91 lakh in a stock market scam. The alarming incident is a stark reminder of the increasing prevalence of cybercrimes, with over ₹11,000 crore reportedly lost to scams in the past nine months alone.
Bengaluru Techie’s Ordeal
The latest case involved a software engineer from Bengaluru, who fell victim to scammers promising lucrative stock market profits. Kamath highlighted this incident as part of a larger trend of cyber frauds that leverage sophisticated tactics to exploit unsuspecting individuals.
Kamath’s Warning and Advice
In a post on X, Kamath warned about the role of platforms like WhatsApp and Telegram in facilitating such scams. Fraudsters often add individuals to groups without their consent and lure them with promises of high returns.
Kamath urged users to take a simple but crucial step to safeguard themselves:
“Change the settings on your WhatsApp and Telegram so strangers can’t add you to groups. Here are screenshots of the settings screen that show how to do it,” he posted, along with step-by-step instructions for adjusting privacy settings on the apps.
Public Response
Kamath’s advice resonated with many, particularly those concerned about protecting vulnerable groups like the elderly.
- “I’m going to do this for my parents. Old people are at much higher risk of fraud now,” commented one user.
- “Good information. I have updated my WhatsApp privacy settings accordingly,” wrote another.
The Growing Threat
Kamath expressed alarm over how technology, especially artificial intelligence, could further amplify these fraudulent activities. He emphasized the need for vigilance, stating, “The trend of these frauds is increasing… I dread to think what it will be like once the fraudsters use AI.”
Preventive Measures
With scams reaching unprecedented levels, Kamath’s advice highlights the importance of proactive measures to curb financial frauds. Adjusting privacy settings on messaging apps is a small but effective step toward staying safe in the digital age.
As the number of fraud cases grows, the call for awareness and preventive action has never been more urgent.
Sources By Agencies
