- विज्ञापन -
New Delhi: On November 29, Nithin Kamath, co-founder and CEO of the online brokerage Zerodha, urged individuals to take precautions against a surge in financial frauds in India. He noted that in the past nine months, scams have resulted in losses of ₹11,000 crores, highlighting a recent case where a Bengaluru techie lost nearly ₹91 lakh in a stock market scam.
Kamath emphasized the increasing trend of these scams, particularly as fraudsters start leveraging artificial intelligence (AI) to enhance their tactics. “I dread to think what it will be like once the fraudsters use AI,” he remarked.
He advised users to change their privacy settings on popular messaging apps like WhatsApp and Telegram to reduce the risk of falling victim to scams. Specifically, he recommended that users adjust their settings so that only contacts can add them to groups. Kamath provided step-by-step instructions on how to make these changes.
According to a report from the Indian Cyber Crime Coordination Centre (I4C), cyber fraud losses for Indians totaled ₹11,333 crores in the first nine months of 2024, with stock trading scams accounting for the highest losses at ₹4,636 crores, followed by investment-related frauds at ₹3,216 crores. Additionally, there has been a notable increase in “digital arrest” scams, resulting in losses of ₹1,616 crores.
Individuals can report financial fraud complaints via the helpline number 1930 or through the National Cybercrime Reporting Portal.
