Home > Blog > How a man lost Rs 1.85 Lakhs to Paytm Scam?

How a man lost Rs 1.85 Lakhs to Paytm Scam?

IamCheated.com Research Team | November 28, 2019  4:55:pm

How a man lost Rs 1.85 Lakhs to Paytm Scam?

Arvind Kapoor a manager of Ambience Mall in Gurgaon was robbed of a hefty sum of Rs 1.85 Lakhs. Who was the scamster? Well, a man who pretended to be an employee of Paytm.

This criminal called up Kapoor and told him to complete KYC otherwise his Paytm account would be deactivated. This is what Kapoor had to say on the incident. Kapoor got a call from a person a few days ago who claimed to be a Paytm employee. He was told that the KYC of the Paytm account was not updated. If the updation was not done, he would not be able to make any transactions. Kapoor followed the instructions and lost Rs 1.85 Lakhs to this fraudster.

See Also: What is Paytm KYC Scam?

How does Paytm KYC scam work?

Kapoor completed the KYC updation process and the fraudster called him to check on it. Kapoor made 3 transactions of Rs 1, 10 and 1 to check his OBC savings bank account, his Standard Chartered and American

Express credit card linked with Paytm. He then received 3 OTPs on his mobile phone and his account was wiped clean of Rs 1.85 Lakhs. When Kapoor tried to call the number (fraudsters number), it was switched off. What do you learn from this scam? Never share OTP with anyone.

How to complete Paytm KYC?

The safest way to complete KYC process is through the door to door service. All you must do is fill basic details, then choose an option to complete KYC through the Paytm authorized executive. Call the Paytm executive to your location, based on your availability and complete the KYC process, right in front of you.

Why did Paytm issue the warning?

The Paytm KYC deadline is approaching and there’s panic among users who haven’t completed the KYC. Paytm has asked users not to reveal personal information via remote access apps like AnyDesk or Quicks Ports. Paytm has informed users that Paytm KYC does not happen through remote desktop apps. Paytm also doesn’t call customers to get the KYC done. Customers don’t need to install any app like AnyDesk to get KYC done.

How is Paytm fraud done?

Scamsters ask people to download an app to complete KYC details. The PIN gets generated on apps like AnyDesk and fraudsters gain access to the mobile device. They siphon funds from the bank account which is linked to your mobile wallet like Paytm. Even Twitter users who have completed KYC have received these messages. Tweets and warnings were issued after many Paytm users registered complaints with the Paytm cyber cell and the RBI ombudsman. Paytm has asked you not to trust any SMS stating Paytm account will be blocked if KYC is not done. The SMS would read like this.

We Will Hold Your Paytm Amount After Sometime Complete Your PayTM KYC Paytm Office.”

A number would also be displayed asking you to call them. Don’t call this number and heed the Paytm warning. Stay Vigilant, Stay Secure.

See Also: Automate Monthly Payments With My Payments In Paytm

Not happy with a product or service? Just visit IndianMoney.com’s complaint portal IamCheated.com and post your issue. We’ll get in touch with the concerned entity and help you with the resolution. With an aim to spread awareness on fraudulent activities, we publish articles and videos on a regular basis. You can also publish reviews about companies on IamCheated.com