Scam Alert: 'Imagine This...' - Zerodha's Nithin Kamath Warns Of Fraud With Stranger Requesting Your Phone For Emergency Call

In a world that is increasingly dependent on smartphones, the potential for misuse has grown exponentially. Nithin Kamath, the founder and CEO of Zerodha, recently took to social media to issue a warning about a clever scam that exploits human empathy.  

“Imagine this: A stranger approaches you and asks to use your phone to make an emergency call. Most well-meaning people would probably hand over their phone. But this is a new scam,” stated Kamath in a post on X.

The Fraudulent Setup

He described a scenario where a stranger approaches you with a seemingly innocent request: to borrow your phone for an urgent call. According to him, while the situation might appear genuine, this act could have serious consequences.

“From intercepting your OTPs to draining your bank accounts, scammers can cause serious damage without you even realizing it,” added Kamath on the same post. The same post, which was supported by a video, explained how these scammers operate, who they target, and, how one can avoid it.

The scammers' modus operandi involves asking for that person's phone, citing an urgent need to call someone. Once they have access to that person's device, they can exploit various vulnerabilities such as accessing banking apps and contact lists of the user, installing malware, etc.

Kamath’s Advice

Kamath urged his followers to be extra cautious when approached by strangers asking to use their phones. He has also suggested that people should politely decline any such requests to strangers. Even while handing over the phone, one should lock the devices with a strong password or biometric security, as per his suggestion.

Why This Matters?

With the rise of digital transactions and sensitive data stored on smartphones, falling victim to such scams could lead to significant financial and personal loss. As Kamath points out, it’s important to strike a balance between empathy and vigilance in such situations.

Final Thoughts

The story shared by Nithin Kamath is a timely reminder of the importance of digital security and awareness. While it’s commendable to help someone in distress, one personal safety and data security should never be compromised, as per Kamath.