Zerodha founder Nithin Kamath on Thursday warned investors of the ‘latest scam’ from China. As part of the scam, fraudsters are creating hundreds of websites and apps -- similar to ones operated by Indian brokerage firms -- to dupe people.
“After the Chinese loan apps scam, the latest scam from actors in China and other Asian countries is phishing websites. Fraudsters are creating hundreds of websites and trading apps that look similar to the websites of Indian brokers,” Kamath wrote on social media site X.
Once the users click on the download link, they are prompted to download the fake apps, he stated.
“Unwitting users who click on the app download links, etc., will be prompted to download the fake app. The goal is to get people to transfer money by taking advantage of their familiarity with these apps. This is just another one of the hundreds of international scams that have exploded in the last few years,” he added.
After the Chinese loan apps scam, the latest scam from actors in China and other Asian countries is phishing websites. Fraudsters are creating hundreds of websites and trading apps that look similar to the websites of Indian brokers.
Unwitting users who click on the app download…— Nithin Kamath (@Nithin0dha) February 15, 2024
About 66% of people in India have fallen victim to online dating scams in the past year, with 81% among them experiencing financial loss, news agency IANS reported on Thursday citing a new report.
“The scale of pig butchering scams in India runs into tens of thousands of crores. It is scary how many people fall for fake job offer scams, scammy high-return investment schemes, and crypto investments, etc,” Kamath wrote on X in November last year.
The term ‘pig butchering’ is used to describe a type of financial scam where the scammers operate a network of fake accounts across multiple social media and dating platforms like Tinder, WhatsApp, Instagram, and Telegram among others.
“As the name implies, a pig butchering scam involves fattening the victim before butchering. Scammers gain the trust of users by using fake profiles. They use the pretence of love and friendship to gain the trust of users and then induce them to send money for jobs and high-return investments and steal the money. These scams are global, and their scope is staggering,” Kamath wrote on the social media site.
He also shared a few tips to protect yourself from these scammers. These include:
(Edited by : Sudarsanan Mani)
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