Mumbai, January 16: A new scam that exploits people’s kindness and trust has been flagged by Zerodha CEO Nithin Kamath. Sharing his concerns on social media, Kamath highlighted how con artists trick individuals into handing over their phones under the pretence of making an "emergency call". While this act of generosity seems harmless, it often results in serious financial fraud, with victims losing access to their bank accounts and sensitive data. The scam’s insidious nature lies in how effortlessly it unfolds, leaving little room for suspicion.

The modus operandi operates by allowing fraudsters to access personal information on the victim's phone, including bank account details and OTPs. This troubling scheme has already caused significant financial losses to unsuspecting victims. Let’s delve into what the "emergency call" scam entails and how it works. Brad Pitt Dating Scam: ‘Wolfs’ Actor’s Rep Warns Fans After Scammer Swindles French Woman of USD 850,000.

What is an Emergency Call Scam?

As informed by Kamath in his recent tweet, the "emergency call" scam involves scammers approaching individuals with a fabricated urgent need to use their phones. They claim that their phone is out of battery or that they need to make an important call. In many cases, unsuspecting people, especially those less familiar with technology, hand over their phones without hesitation. Once in possession of the phone, the scammers can tamper with settings, install malicious apps, or redirect calls and messages to their number. What Is Brushing Scam? How To Identify and Protect Yourself From Fraudsters Targeting Online Shoppers? All You Need To Know.

Zerodha CEO Nithin Kamath Warns of ‘Emergency Call’ Scam

This gives them direct access to sensitive information such as bank alerts and OTPs. The fraudsters then use this information to drain the victim’s bank account and perform unauthorised transactions without the individual realising it. Kamath emphasised the dangers of this scam, stating that it can cause significant damage without any obvious signs of tampering. In his tweet, he warned, “From intercepting your OTPs to draining your bank accounts, scammers can cause serious damage without you even realising it.”

To stay safe from the emergency call scam, Kamath suggests that individuals should never hand over their phones to strangers, even if they claim it's for an urgent call. Instead, he advises offering to dial the number for them and putting the phone on speaker so you can stay in control of the situation. Additionally, Kamath recommends ensuring that call and message forwarding options on your phone are disabled to prevent scammers from intercepting sensitive information. By following these precautions, you can protect yourself from falling victim to this deceptive and dangerous scam.

(The above story first appeared on LatestLY on Jan 16, 2025 12:39 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).