'Scams Worth ₹11,000 Crore': Zerodha's Nithin Kamath Raises Concern Over Increasing Number Of Stock Market Frauds

The stock market as an avenue to increase one's resources and expand one's horizons has gathered additional momentum in the recent past. With the advent of high-speed internet and cheap mobile data, curiosity about equity markets and activities in the realm has skyrocketed.

Rise Of Cyber Fraud

But, along with this, there has also been an upsurge in the number of fraud activities are carried. Many charlatans looking at the volume of transactions and the intensity of trading activities across the board are targeting unsuspecting investors in India.

Zerodha's Nithin Kamath Shares Thoughts

Pointing and highlighting just this, Nithin Kamath, the co-founder of the most renowned trading platforms, Zerodha, took to his X profile to express his concerns over the matter.

In his post, Nithin Kamath, while citing an article on the matter said, "he trend of these frauds is increasing."

Further, focusing and bringing attention to the insurmountable volume of fraud carried out, Kamath said, "The past 9 months alone have had scams worth Rs 11,000 crore! I dread to think what it will be like once the fraudsters use AI.

Kamath's concerns stem from Artificial intelligence's use across the board, especially in events and exercises with malafide intentions. This is more so concerning when the money of an individual is involved. Cyber fraud according, especially monetary cyber fraud could be emboldened by the rise and use of AI.

Exploring attempts to tackle this menace, Kamath suggested some means to grapple with matter on a personal level.

The Zerodha boss further went on to add, "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. Here are screenshots of the settings screen that show how to do it."

Here, he further added a set of screengrabs of the procedure to don this primary shield of privacy.

Netizens React

Reacting to Kamath's post, some users highlighted the matter and agreed with Zerodha co-founder on the need for vigilance.

One user said, "Thank you for pointing out the issue. It's clear that fraudsters are exploiting Facebook by joining groups to target individuals. I strongly advise against joining any groups, as I've received numerous calls regarding automatic trading. After researching on YouTube, it's evident."

Another user said, "Cyber frauds are a big challenge, people need to be aware of technology properly before using online payments.