Nithin Kamath, CEO of the online brokerage firm Zerodha, expressed his concern on social media regarding the rising number of stock market scams. He revealed details about the recent case, highlighting how the victim was lured into a fraudulent scheme via a WhatsApp group. The group, posing as a legitimate training platform, promised stock market knowledge in exchange for votes in a fabricated online competition.
A Bengaluru tech professional has fallen victim to a sophisticated stock market scam, losing a significant sum of Rs 91 lakh. This incident serves as a stark reminder of the growing threat of cybercrime and the importance of online safety measures.
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Kamath took to X (formerly known as Twitter) to share a post and emphasised on the importance of online vigilance and also offered a crucial security tip to help investors stay protected.
“The trend of these frauds are increasing. The past 9 months alone have had scams worth 11000 crores! I dread to think what it will be like once the fraudsters use AI. 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. Here’s screenshots of the settings screen that show how to do it.”
Kamath then shared the screenshot of the WhatsApp setting.
Protecting yourself from online fraud:
- Scrutinize unsolicited offers: Be wary of any messages or calls promising unrealistic returns in the stock market.
- Verify Information: Thoroughly research any investment opportunity before committing any funds. Legitimate investment firms will provide detailed information and allow ample time for research.
- Beware of pressure tactics: Legitimate financial institutions won’t pressure you into hasty decisions.
- Control your privacy settings: Limit who can add you to groups on social media platforms.
- Report suspicious activity: Inform the authorities if you encounter a potential scam.