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Home » Cyber Security News » Zerodha CEO Nithin Kamath raises alarm over rising stock market cyber frauds, shares key tip to protect oneself, ET CISO

Zerodha CEO Nithin Kamath raises alarm over rising stock market cyber frauds, shares key tip to protect oneself, ET CISO

Zerodha CEO Nithin Kamath raises alarm over rising stock market cyber frauds, shares key tip to protect oneself, ET CISO

Amid the increasing number of stock market frauds, including a recent case where a man lost Rs 91 lakh, Zerodha’s Nithin Kamath has spoken out, expressing concern over the rising number of scams targeting investors. Kamath shared crucial advice on how to protect oneself from falling prey to fraudulent platforms.

“The trend of these frauds are increasing,” said Zerodha co-founder and CEO Nithin Kamath, pointing out that scams have already caused losses of over Rs 11,000 crore in just the past nine months. “I dread to think what it will be like once the fraudsters use AI,” he rued.

However, Kamath also shared a practical tip to help protect people from falling victim to such scams.

“One thing you can do to protect yourself is change the settings on your WhatsApp and Telegram so strangers can’t add you to groups,” he advised.

He even went a step further, providing screenshots to guide users through the process of securing their accounts.

Financial frauds dominate India’s digital threats

Online frauds and scams are at an all time high now.

Scammers have become so sophisticated that even the most cautious people are falling victim to their tricks.

From digital arrest scams to deceptive online shopping scams, fraudsters have raised the stakes.

In just the first four months of 2024, cybercrimes in India led to losses of over Rs 1,750 crore, with financial scams like online investment frauds, gaming app cons, and OTP-based schemes at the centre of these crimes.

The National Cybercrime Reporting Portal recorded more than 740,000 complaints during this time, with 85% involving financial losses.

A 2023 study by an IIT Kanpur-incubated startup had revealed that financial frauds accounted for over 75% of cybercrimes in India from January 2020 to June 2023, with nearly half of these crimes linked to UPI transactions and internet banking.

The rising threat underscores the need for better awareness and security measures, and Kamath’s post comes at the perfect time, offering practical advice to help protect against these growing risks.

  • Published On Nov 29, 2024 at 11:14 AM IST

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