Nithin Kamath, the CEO and founder of Zerodha, has expressed concern about the increasing number of financial frauds, particularly those that exploit social media platforms.

Kamath highlighted a recent case where a Bengaluru techie lost Rs 91 lakh to a scam that originated in a WhatsApp group promising high investment returns.

Kamath emphasized that scams have resulted in losses of Rs 11,000 crores in the past nine months alone.

To protect against such scams, Kamath advised users to be cautious when joining WhatsApp and Telegram groups, especially if added by unknown individuals.

He also recommended adjusting privacy settings on these platforms to prevent unauthorized group additions and provided detailed guidance on how to make these changes.

Kamath expressed worry about the potential for fraud to increase further, especially with the emergence of AI technologies.