Zerodha's Nithin Kamath Warns You About This Bank Scam; Details Here
Banking scams in India have seen a sharp rise over the last year, especially with a deeper penetration of the Unified Payments Interface.
Zerodha co-founder Nithin Kamath warned people about the menace of banking fraud in India. The clip, which was shared on X (formerly Twitter), shows how scammers use personal details of people to scam them. It begins with a person calling a man on the pretext of helping him to reverse some extra charges on his recent credit card bill. To gain his trust, the person shares some of his card details and sends a link to download an app.
As the target downloads the app and enters his details to log in, the person gains access to his bank account and withdraws money.
Explaining the modus operandi of such cases, the video shares tips to avoid such fraud.
"Imagine this: Your phone rings. It's your "bank." The caller knows your credit card number and claims there's an unauthorized charge they can help reverse. They send you a WhatsApp link to download your bank's app. Seems legitimate, right? That's exactly what the scammers want you to think," Kamath said.
He has warned that entering the banking details in one of such apps can lead to a loss of hard-earned savings.
"The moment you enter your banking details into this fake app, your money is gone. This new scam has already cost victims lakhs and crores of their hard-earned savings. Watch this video to learn how these scammers operate and simple steps to protect yourself and your money. Share this with your loved ones – it could save them from becoming the next victim," he added.
Banking Scams In India
Banking scams in India have seen a sharp rise over the last year, especially with a deeper penetration of the Unified Payments Interface.
In his written response to a question in the Lok Sabha, Pankaj Chaudhary, Minister of State for Finance, revealed the use of the UPI saw an 85% jump resulting in transactions worth Rs 1,087 crore in FY24 as compared to Rs 573 crore FY23.
The number of payment fraud incidents nearly doubled to Rs 13.4 lakh in FY24 from Rs 7.25 lakh in the preceding financial year.
UPI frauds worth Rs 485 crore were recorded in the first half of the current fiscal, with 6.32 lakh incidents reported so far, according to the minister.
