Nitin Kamat said that the incidents of fraud are the least on Zerodha.
He warned of hacking regarding rediffmail.
All the hacked accounts on their platform were trading through rediffmail.
New Delhi. Nitin Kamat, co-founder and CEO of the country’s largest online brokerage company Zerodha, said that their platform has the least number of complaints in the broking industry. He presented some statistics regarding the complaints of fraud coming on his platform. Nitin Kamat said that 65 lakh people traded on Zerodha last year, out of which 100 people complained of fraud. He said that 80 of these people were those who themselves had shared their log-in details with someone.
According to Kamat, fraud can happen in two ways. One, you yourself share your details with someone or second that someone hacks your account. He said that out of 100 people, only 20 people complained of account hacking and all these accounts belonged to RediffMail. Kamat said that if you look at the complaints to active customer ratio, Zerodha is much better than other platforms in the industry in terms of fraud related incidents.
rediff it blocked
Kamat said, “All the hacking cases were related to RediffMail, so it is obvious that hackers have found some weakness in Rediff’s network. We banned Rediff ID for trading some time back. Along with this, information was also being given to the customers about this. We no longer even send password resets to rediffmail IDs.
New tools to reduce incidents of fraud
Nitin Kamat told that Zerodha is launching 2 new tools to further reduce the incidents of fraud. A tool will not allow trading in e-liquid options at a price significantly different from the theoretical price. Apart from this, the company is also bringing a kill switch. This will block orders in all penny stocks like F&O orders. He said that this is the reason behind most of the hacking which Zerodha is trying to solve.
Kamat has already made people alert
Nitin Kamat has already alerted people from thugs through tweets. He had said that although many experts help you in the market, but among them there are some people who take advantage of your weakness by becoming experts. According to Kamat, these people somehow take login details from you and show losses in your account through fake traders and send your money to some other account.
FIRST PUBLISHED : August 02, 2022, 17:48 IST