This is how Zerodha's Nithin Kamath protects himself from stock market frauds: 'One thing you can do...'

For protection from such scams, Nithin Kamath advised users to be cautious about joining WhatsApp and Telegram groups.

Nithin Kamath, the founder and CEO of Zerodha, has raised concerns over a recent surge in financial frauds, particularly those targeting unsuspecting individuals on social media platforms.

Kamath highlighted a specific case involving a Bengaluru-based techie who lost a significant sum of Rs 91 lakh to a stock market scam. The victim was lured into a fraudulent scheme through a WhatsApp group, where scammers promised high returns on investments.

"The trend of these frauds is 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," Kamath posted on X (formerly Twitter).

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 pic.twitter.com/Wl6mz30c52

Nithin Kamath (@Nithin0dha) November 29, 2024

For protection from such scams, Kamath advised users to be cautious about joining WhatsApp and Telegram groups, especially if they are added by unknown individuals. He emphasized the importance of changing privacy settings on these platforms to prevent unauthorized additions to groups.

"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," he wrote, sharing screenshots to guide users through the process.

pic.twitter.com/ikl3PTa79YNithin Kamath (@Nithin0dha) November 29, 2024

By adjusting their privacy settings, users can significantly reduce the risk of falling victim to such scams. This simple step can help protect individuals from financial loss and emotional distress.

Kamath's advice garnered a lot of from social media users. One user wrote, "Good information. I have updated my WhatsApp privacy settings accordingly."

Another user commented, "Changing group settings is a great tip! but we need more awareness campaigns to educate people."

"I’m going to do this for my parents. Old people are at much higher risk of fraud now," a third user remarked.

Kamath's warning has sparked discussions on social media, with many users expressing gratitude for the timely advice.