Zerodha Demat Account: The eyes of the cyber fraudsters have now shifted to the demat account. Amidst the news that Zerodha’s demat account has been hacked, Zerodha Founder and CEO Nitin Kamath has said that they will soon come up with new safety tools to protect traders from the danger of hacking.
Nitin Kamath tweeted that, getting into the bottom of the hacking, we are soon going to launch a tool that will ban trading in illiquid options as well as block orders in penny stocks. He said that most of the hacking cases have happened with such users who use Rediffmail. He said that Zerodha has blocked Rediff Ids on its trading account. And they do not send password resets to Rediff Ids.
Nitin Kamath wrote that there is a lot of discussion about hacking incidents in Zerodha. Giving the data, he said that out of 65 lakh customers who have traded on Zerodha’s platform last year, 100 fraud cases have been reported in which 80 are linked to login IDs which were shared with others. And 20 such emails were hacked in which all Rediffmail IDs were.
He said that out of the number of active customers present in the broking industry, Zerodha has the least number of complaints in terms of percentage. Nitin Kamath said that this matter is not related to the broker, but users should be careful while sharing their login ID and use secure email.