Your daily fintech and banking briefing.
Today: Jun 14, 2024

Nithin Kamath alerts! Be cautious of shady finance apps. Watch red flags!

1 min read

TLDR:

  • Nithin Kamath, the founder of Zerodha, has warned against predatory finance apps and listed red flags to watch out for.
  • Finance apps that request full access to contacts, messages, and photos, especially those offering loans, should raise red flags.

Founder of Zerodha, Nithin Kamath, has issued a warning against predatory finance apps and provided a list of red flags that users should be aware of. These finance apps, particularly those that offer loans, often request full access to a user’s contacts, messages, and photos. According to Kamath, this is a key red flag that users should watch out for. He highlighted the importance of being cautious with personal data and urged users to thoroughly research and review the credibility of such apps before sharing any personal information.

Kamath also criticized traditional loan sharks who resort to physical threats to recover money. He emphasized the need for fair and ethical lending practices and urged individuals to seek out legitimate financial institutions.

It is important for users to be vigilant and cautious when using finance apps, especially those that request permissions to access personal data. Protecting personal information should be a top priority, and users should carefully consider the credibility and reputation of any finance app before using it.