A phone scam that might drain your bank account has emerged, according to an urgent alert issued by Nithin Kamath, CEO of Zerodha. He took to social media to share a video explaining the ways this deceptive scam works and how one can be protected. This scam happens when the fraudsters ask some other unknown people to lend them their phones for an “emergency call.” During the time, while the victim remains unaware, the fraudster manipulates the phone secretly, which includes downloading some malicious apps, altering settings, and forwarding calls and messages, even banking alerts, to their own number. With this, they get one-time passwords and go on to conduct unauthorized transactions.
Imagine this: A stranger approaches you and asks to use your phone to make an emergency call. Most well-meaning people would probably hand over their phone. But this is a new scam.
From intercepting your OTPs to draining your bank accounts, scammers can cause serious damage… pic.twitter.com/3OdLdmDWe5
— Nithin Kamath (@Nithin0dha) January 15, 2025
In the video, Kamath highlighted several key measures to prevent falling victim to this scam. He strongly advised against handing over your phone to any stranger. Instead, he recommended offering to dial the emergency number on their behalf and putting the call on speaker mode. This ensures the victim maintains control over their device while still helping the stranger. In doing so, one can save the scammers from accessing one’s sensitive information, such as banking details, which are always targeted in these schemes.
The warning has become viral online as Kamath’s post has gained more than 450,000 views. Many users showed concern over the fact that the scam is too subtle. According to one user, the scam is dangerous since it does not exhibit any form of tampering. This is why it can easily go unnoticed, and in many cases, the victim will not notice something is amiss until it is too late. It is suggested that the awareness video of Kamath be translated into various Indian languages as scammers speak in local dialects, hence the scam is widespread across regions.
The public response to Kamath’s video has been mostly positive, with people praising his effort to raise awareness about the scam. Many have shared their own experiences and additional safety tips, underlining the importance of being cautious when interacting with strangers, especially in situations where personal devices are involved.
This message from Nithin Kamath comes at the perfect time to be watchful in this age of changing scams. One can only save himself and his financial security with awareness and caution. The most important takeaway from Kamath’s post is that it clearly states always keep your safety intact by not giving away your phone and offering alternative ways to help others in emergency situations.
