India, Feb. 10 -- Zerodha cofounder Nikhil Kamath has raised concerns with the Reserve Bank of India (RBI) over the rising threat of fake apps impersonating banks, brokers, and payment platforms.

"The sheer number and variety of digital frauds is astounding. It's fair to assume that things will only get much worse from here, thanks to AI. Both SEBI and RBI are trying to educate people and implement measures to combat these frauds," Kamath said in an X post.

He added that SEBI has published a consultation paper proposing unique UPI IDs for brokers to ensure investors transfer money only to SEBI-registered brokers, preventing scams involving fraudulent UPI IDs that mimic broker names.

Beyond payment and website fraud, another major conce...