Zerodha warns against fake WhatsApp, Telegram groups that offer financial advise

Zerodha warns against online fraud: Online financial services provider, Zerodha, has warned users against fake WhatsApp and Telegram groups that promise financial advise and guarantee returns. The company, in a series of posts on X (formerly Twitter) said that scammers use Zerodha logo and names such as 'Zerodha Trading Club' to appear real and reach out unsuspecting individuals by promising to give them exclusive stock tips and webinars.

Once the unsuspecting users join these groups, scammers pitch them paid services, which includes money transfers, for access to exclusive content.  

"Once you are added to the groups: They offer free financial webinars or stock tips as bait.Build trust over time, making the group seem helpful and genuine. Eventually pitch paid services, asking for money transfers for exclusive access," Zerodha wrote in a post from its official X handle.

"Remember, if someone is promising guaranteed returns, it's 100% a scam. Also, never share your account credentials, passwords, or any personal information with anyone," the company added.

Furthermore, the company confirmed that it doesn't provide any advisory or portfolio management services, provide support over WhatsApp and Telegram, and ask users to transfer funds to a bank account in a personal message or a group. It also shared a detailed list of all its official social media handles that it uses to interact with its users to help them differentiate the official Zerodha social media handles from the fake ones.

Tips to protect yourself from scams on WhatsApp, Telegram and social media

Lastly, Zerodha also shared a couple of tips that users can use to safeguard themselves from such scams:

-- Never share your account credentials, passwords and personal information with anyone or in any group.

-- Never transfer funds to a bank account in a personal message or group.

-- Verify the authenticity of WhatsApp and Telegram groups or social media accounts before taking their advise.