Kamath explained that scammers approach individuals, asking to use their phones under the guise of an emergency. Once in possession of the device, they may download malicious applications or alter settings to intercept personal information, including one-time passwords (OTPs) and bank alerts. This access enables them to conduct unauthorized transactions, drain bank accounts, and change passwords without the owner's immediate knowledge.
To illustrate the scam's mechanics, Kamath shared a video produced by Zerodha, detailing how, during the brief period they have the phone, scammers can install apps or modify settings to forward calls and messages to their own numbers. This tactic allows them to receive sensitive information intended for the victim, facilitating fraudulent activities.
Kamath emphasized the subtlety of the scam, noting that victims often remain unaware of any wrongdoing until significant financial damage has occurred. He advised the public to exercise caution when approached by strangers requesting to use their phones. Instead of handing over the device, individuals should offer to dial the number themselves and use the speakerphone function to assist, thereby preventing potential misuse.
Kamath recommended regularly checking that call and message forwarding settings are disabled to prevent unauthorized access. He also highlighted the importance of being vigilant against scams that exploit people's goodwill and trust, especially as such fraudulent activities become increasingly sophisticated.
This warning follows a series of advisories from Kamath regarding various scams targeting individuals in India. In November 2023, he cautioned against "pig butchering scams," where fraudsters create fake profiles to build trust with victims, eventually persuading them to invest in high-yield schemes or job offers, only to abscond with the funds.
Kamath's proactive approach in educating the public about these scams underscores the growing need for awareness and caution in an era where digital fraud is becoming increasingly prevalent. By sharing detailed information on how these scams operate, he aims to equip individuals with the knowledge to protect themselves from falling victim to such fraudulent schemes.