Paytm Fraud News: The incidence of Paytm frauds seems to be increasing. Many users of the Paytm App are losing money from their Paytm wallet. The fraud on the Paytm app is primarily around the issue of KYC. Paytm founder Vijay Shekhar has recently tweeted not to trust any SMS which suggests blocking of their Paytm account or carrying out KYC formalities through them. Any such SMS or an email is fraudulent information and is typically used as a bait to make unauthorised transactions on one’s mobile phone. To complete Paytm KYC, one needs to only approach the authorized KYC points or call the Paytm representative at one’s residence. Paytm informs, "Any SMS sent by Paytm regarding KYC will only have a link to fix an appointment with our KYC agents or find the nearby KYC points."
Paytm had also come out with an advisory to be aware of the fraudulent activities and the tricks used by the fraudsters. On the pretext that you need to re-do or complete KYC formalities, fraudsters send SMS with a link or their own number to call. They will make you download a specific app and complete its installation on your mobile. In doing so, the access of the user’s phone is virtually given to the fraudster. The funds lying in your Paytm or other accounts may get transferred even without one’s knowledge.
Pls don't trust any SMS send of blocking your Paytm account or suggestion to do a KYC.
These are fraudsters attempting on your account. Pls RT. pic.twitter.com/vHKBFmo3nc
- Vijay Shekhar (@vijayshekhar) November 19, 2019
This is what Paytm mentions in their blog post – "In the last couple of months, fraudsters have come up with a new way. They have started calling our customers saying that 'We are calling from Paytm to re-activate your KYC' and then they ask them to install apps like, AnyDesk, TeamViewer, QuickSupport etc and give certain permissions to these apps which is given to any normal app. Once the app is installed, generally a 9 digit address code is generated which when shared can allow other users to access your devices remotely." Not just money in your Paytm wallet, even the funds in the accounts linked to UPI are vulnerable.
Also, remember that no financial institution including Paytm sends SMS with links to claim any offer. Paytm cautions, "If you are being contacted stating that 'your KYC has been completed and now to receive cashback or offer, you will receive an SMS with a link, to avail the offer click the link', then always ensure that you do not click such links and delete such messages."
In case of fraud, one needs to contact Paytm customer care at 1800120130 or at 0120-4456456.
For Minimum KYC, one can follow do-it-yourself process by logging on to the Paytm app without any support. However, for Complete KYC, one needs to have a face-to-face meeting with an authorised representative of the Paytm.
So, the next time, you receive a call or SM regarding account suspension, blocking of account, cashback or rewards, remember it’s a trick some fraudster wants to play with you. It will be better to immediately delete the message or ignore the caller to stay safe.