Online Frauds: How To Protect Yourself? Nithin Kamath Shares Tip - See Post

Nithin Kamath, founder and CEO of Zerodha, has expressed concerns about the rising number of financial frauds, particularly those targeting unsuspecting individuals on social media platforms.

Market Scam

Kamath highlighted a case where a Bengaluru-based techie lost Rs 91 lakh in a stock market scam. The victim was lured into the fraudulent scheme through a WhatsApp group, where scammers promised high investment returns.
"The trend of these frauds is increasing. In the past 9 months alone, scams worth 11,000 crores have been reported! I dread to think what will happen once fraudsters start using AI," Kamath posted on X (formerly Twitter).

Scam: Guide to Protect Yourself

To protect oneself from such scams, Kamath advised users to be cautious when joining WhatsApp and Telegram groups, especially if they are added by unknown people. He also stressed the importance of adjusting privacy settings to prevent unauthorized additions to these groups.
"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 wrote, sharing screenshots to help users with the process.