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Zerodha co-founder Nithin Kamath on Wednesday issued a warning about the rising threat of fake clone apps used for fraudulent activities, recounting an incident where his stock trading platform itself was targeted. Kamath highlighted the escalating problem of scams involving fabricated screenshots, P&L reports, ID cards, and bank statements, terming them a significant nuisance.
In a specific case that Kamath recounted on X, a scammer crafted a counterfeit Zerodha employee ID card, approached a customer online, and falsely claimed the individual had won an award from Zerodha. The scammer promised a ₹5 crore return on a ₹1.8 lakh registration fee, providing fake Zerodha bank statements as apparent proof.
“It is ridiculous that people fall for such scams,” he said.
Also read: Zerodha CEO Nithin Kamath warns against rising ‘pig butchering scams’ in India. What it means
The targeted customer however reached out to Zerodha, but Kamath expressed concern over the prevalence of such scams, emphasising the need for vigilance. He pointed out the emergence of fake clone apps capable of creating convincing videos of trading platform reports and bank statements, making them more deceptive than static screenshots.
App cloning involves creating a new application that closely replicates the features and user interface of a popular app.
Nithin Kamath underscored the urgency to educate people about being cautious regarding individuals claiming to represent large companies and making lucrative promises. He urged questioning the authenticity of documents unless directly sourced from the legitimate entity. Kamath also noted the expected exacerbation of this issue with the growing accessibility of AI tools.
“By default question the authenticity of any document shown unless it is directly accessed from the source. This problem of fakery will continue to get worse as AI tools become more accessible,” Kamath said.
“People need to be more conscious about such claims. Don’t believe anything that seems to be too good to be true,” an X user said.
Another user suggest Kamath to send an email to all users. Most traditional investors don’t use X.
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