Zerodha Chief, Nithin Kamath Alerts Users About New Scam That Empties Your Bank Accounts

“Scammers trick individuals into giving access to their phones, potentially draining their bank accounts.”

January 16, 2025: Zerodha CEO shares a video explaining how scammers exploit goodwill to compromise phones and steal sensitive information.

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A Simple Request Could Lead to Serious Damage

Zerodha co-founder and CEO Nithin Kamath has issued a warning about a new scam that could potentially drain your bank account. Sharing a video produced by Zerodha, Kamath explained how scammers operate by preying on people’s willingness to help.

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In his post, Kamath highlighted a scenario:
“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 said.

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The billionaire further explained how, under the guise of making a call, scammers could install malicious apps, intercept OTPs, or change phone settings to redirect calls and messages to their own numbers, including sensitive alerts from banks. This enables unauthorized access to bank accounts, allowing scammers to steal funds and even change passwords.

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Protect Yourself: Simple Precautions

The video recommends never handing over your phone to strangers. Instead, if someone requests to make an emergency call, offer to dial the number yourself and put the call on speaker. This precaution prevents scammers from accessing your device directly.

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Public Reaction and Suggestions

Since its posting, Kamath’s warning has garnered over 450,000 views and numerous reactions on social media.
One user pointed out the subtlety of the scam:
“You won’t see anything unusual happening. No obvious signs of tampering, which is what makes it so dangerous.”

Another user called for the video to be translated into multiple Indian languages to reach a broader audience, as scammers often communicate in local languages.
“Maybe to remain well-meaning, we can dial the number ourselves and keep the phone on speaker without handing it over,” another commenter suggested.

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Kamath’s Call for Awareness

Nithin Kamath’s efforts underline the importance of vigilance in a digital age rife with cybercrimes. His video not only educates but also encourages individuals to think twice before responding to seemingly innocent requests.

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Tags:

Nithin Kamath, Zerodha, Cybersecurity, Bank Account Scam, OTP Fraud, Digital Safety, Scam Awareness, Mobile Security