Rising Cyber Frauds: Nithin Kamath Urges Caution to Prevent Losses
Nithin Kamath, CEO of Zerodha, recently expressed concern over the increasing incidents of financial frauds, citing the alarming case of a Bengaluru-based tech professional who lost ₹91 lakh in a stock market scam. He emphasized that cyber frauds are on the rise, with over ₹1,100 crore lost to such scams in just the past nine months.
Kamath, 45, warned that fraudsters are becoming more sophisticated, and he fears the potential dangers once AI tools are used by these scammers. He specifically pointed to WhatsApp and Telegram groups as a common platform where scammers lure unsuspecting individuals by promising substantial returns.
To safeguard against these scams, Kamath suggested a simple yet effective solution: adjusting the privacy settings on messaging apps like WhatsApp and Telegram to prevent strangers from adding users to groups. He shared clear instructions for updating the privacy settings, encouraging people to only join groups that have been recommended by trusted sources.
The advice resonated with many, particularly those concerned about elderly family members who are more vulnerable to such scams. Users expressed gratitude, with some saying they would help their parents adjust their privacy settings to stay safe. Kamath’s cautionary message serves as a reminder to remain vigilant against the growing threat of cyber fraud.
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