Financial fraud on the rise, Zerodha sends warning

Beware of financial fraud! That's the warning coming from India's largest brokerage Zerodha, has reports show that 4 out 5 Indians have faced financial fraud.

As per reports survey done by LocalCircles, has shown that 42% Indians surveyed experienced financial fraud in the last 3 years, 74% of those who experienced it failed to get money back.

Survey that was conducted in October 2021 revealed that 29% of citizens share their ATM or debit card pin details with close family members, while 4% share it with their domestic and office staff.

Amid reports of Zerodha’s demat accounts getting hacked, the online brokerage took to Twitter to warn. Zerodha alerted and reminded customers never to give out sensitive information like PAN, Bank details, etc as the most common route fraudsters take is pose as employees seeking information.

RBI Monetary Policy: Repo rate hiked by 50 bps, outlook remains cautious

Firm's founder and CEO Nithin Kamath tweeted 'Out of the ~65lk customers who traded with us last year, we have ~100 complaints of fraud. ~ 80 where login details were shared willingly & ~20 where email was hacked (all Rediffmail IDs).”

Zerodha is said to be launching a new set of tools to further safeguard investors registered on the platform.