Helping someone in need is often a simple, generous act but sometimes it can come with unexpected risks. For instance, a stranger might approach you and claim their phone battery is dead and ask to borrow your phone for an urgent call. While it may seem like a harmless favor, such moments of kindness could lead to potential financial consequences you never anticipated.
Zerodha co-founder and CEO Nithin Kamath recently took to social media to warn users about a new scam that could potentially drain their bank accounts. He shared a video created by Zerodha, explaining how the scam works, who it targets, and how people can protect themselves. “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,” the billionaire warned. “From intercepting your OTPs to draining your bank accounts, scammers can cause serious damage without you even realizing it,” he added.
The video explains how scammers work, who they target, and how you can protect yourself from falling victim. The scam begins with a seemingly harmless request to borrow your phone. However, scammers use this opportunity to tamper with your device. They can install malicious apps, change settings to forward calls and messages to their own number and intercept important banking notifications and one-time passwords (OTPs).
These changes give scammers access to your financial accounts even after the phone is returned. This allows them to make unauthorised transactions without triggering any suspicion.
Several social media users have shared their reactions to the post.
One user commented, “A simple act of kindness can make you a victim of financial fraud.”
Another user warned, “Never lend your phone to a stranger for whatever reasons!”
A third user added, “Thanks for pointing out … but this is sad. Already a low-trust society… this makes things even worse :/”
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