Jobaaj Stories
In a startling reminder of the rising threat of stock market frauds, a Bengaluru-based tech professional has fallen victim to a sophisticated scam, losing a staggering Rs 91 lakh. The scam, which involved deceptive practices through WhatsApp, highlights the growing need for caution and cybersecurity awareness in the digital age.
The victim, whose identity has been kept confidential, was lured into a fraudulent stock market scheme via a WhatsApp group. The group, posing as a legitimate stock market training platform, promised to impart valuable trading knowledge in exchange for votes in a fabricated online competition. This tactic, while appearing innocent at first, was part of a larger scam that ultimately led to the victim’s massive financial loss.
Nithin Kamath, CEO of online brokerage firm Zerodha, expressed his concern over the increasing number of such scams and shared an important tip on social media to help people protect themselves. Kamath highlighted the common use of WhatsApp and Telegram as tools for scamming unsuspecting individuals, urging users to be extra vigilant while interacting in these spaces
Nithin Kamath’s advice
Kamath took to X (formerly Twitter) to highlight the importance of online vigilance and shared a key security tip to help investors safeguard themselves.
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. 😔
— Nithin Kamath (@Nithin0dha) November 29, 2024
One thing you can do to protect yourself is change the settings on your WhatsApp and Telegram so strangers… pic.twitter.com/Wl6mz30c52
Kamath subsequently posted a screenshot of the WhatsApp settings.
— Nithin Kamath (@Nithin0dha) November 29, 2024
