Zerodha's Nithin Kamath Warns against New Scam Which Could Drain Your Bank Accounts. See Post
Nithin Kamath shared a video produced by Zerodha explaining how scammers operate, who they target, and how people can protect themselves from such scams.
Nithin Kamath, the co-founder, and CEO of Zerodha, recently raised alarm on social media about a sophisticated bunco that could potentially deplete your bank accounts. He shared an informative video created by Zerodha, which sheds light on how scammers operate, who they target, and the precautions users can take to protect themselves. Kamath cautioned, “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.” He went on to explain, “From intercepting your OTPs to draining your bank accounts, scammers can cause serious damage without you even realizing it.”
The video further delves into the mechanics of the scam. While the scammer pretends to use your phone, they might download new apps, access existing ones, or even alter your phone’s settings. This could involve forwarding your calls and messages to their numbers, including vital bank alerts. Armed with this information, the scammer can seize control of your bank alerts. Armed with this information, the scammer can seize control of your bank account, intercept OTPs, execute unauthorized transactions, and even change passwords.
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.
— Nithin Kamath (@Nithin0dha) January 15, 2025
From intercepting your OTPs to draining your bank accounts, scammers can cause serious damage… pic.twitter.com/3OdLdmDWe5
To bolster your security from falling victim to such scams, the video strongly advises against handing your phone over to strangers. In the rare instance that someone requests to borrow your phone, it recommends offering to dial the number for them and placing the phone on speaker mode. By doing so, you can avoid giving scammers any opportunity to access your personal information.
Since Nithin Kamath shared the post, it has garnered over 450,000 views. The video has sparked considerable discussion, with users sharing their thoughts and concerns. One user commented, “You won’t see anything unusual happening. No obvious signs of tampering, which is what makes it so dangerous… You won’t realize what’s happening until it’s too late.”
Others voiced their distress over the growing mistrust in society, with one remarking, “Thanks for pointing out … but this is sad. Already a low-trust society... this makes things even worse.”
The video has also prompted suggestions from viewers to maximize its impact. One user proposed that Kamath translate the video into several regional languages, acknowledging that scammers often communicate in local dialects to deceive their targets.
A few users also offered alternative approaches to handling such requests. One suggested. “Maybe to remain well-meaning and a good Samaritan, we can offer to dial the number ourselves and keep the phone on speaker without handing over the phone.” Another echoed this sentiment, advising, “The better thing to do is you can dial the number and let them talk on speaker.”
By raising awareness about this insidious scam, Kamath and Zerodha are helping users stay circumspect in an age where trust can be easily exploited.
