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Paytm warns users against KYC fraud

IamCheated.com Research Team | August 29, 2019  8:48:am

Paytm warns users against KYC fraud

Paytm is India's largest mobile wallet company and offers various services like mobile recharge, bill payments, ticket booking, money transfer and much more.

A lot of people use Paytm because of convenience, and a wide range of services and offers.  Now, Paytm has warned users on this fraud and asked them to stay cautious while uploading their KYC.

In India, it is mandatory to complete KYC or Know Your Customer process for all mobile wallets. If KYC is not completed, users won’t be able to use all the features of the mobile wallet. There will be issues related to fund transfers and more problems. As many people are rushing to complete KYC, fraudsters are targeting them to make quick money. If you use Paytm and your bank account is attached to it, you should know about this fraud. 

In the notification issued by Paytm, it has asked customers not to download any apps like AnyDesk and QuickSupport while uploading KYC. These apps are exploited by hackers to gain access to your mobile phone and steal information.

Not just these two apps there are many apps like AnyDesk which are used by fraudsters to gain remote access to your phone. Once they get access to your phone, all your information like photos, videos, and SMSes, OTPs are in their hands. This information will be used to carry out fraudulent transactions. 

Earlier, RBI and banks like HDFC Bank had alerted people about screen sharing apps like AnyDesk.

See Also: Tips To Use Paytm Safely

Why Paytm has issued this warning?

To make quick money, fraudsters call Paytm users claiming to be from Paytm. They tell users on some problems related to their account and ask them to complete the KYC. After the user agrees to update the KYC, they will be asked to download the screen-sharing app on their phone and accept certain permissions.

Once the app is downloaded and certain permissions granted, fraudsters will gain access to all the information including the OTP.  Bank accounts of users will be emptied using this information.

How to complete Paytm KYC?

To avoid this kind of fraud, the best and safest way to complete the Paytm KYC process is through the door to door service. Under this method, users have to fill in basic details and then select the option to complete KYC through a Paytm authorized executive. You can ask the executive to visit your place based on availability and location. The KYC process is completed right in front of you. 

To avoid this kind of fraud, you must never download any suspicious apps on your mobile phone.  Even if you download these apps by mistake, do not give any permission. Never reveal any sensitive information to anyone over the phone.

See Also: Lost Money from Mobile Wallet? See what new RBI rules say

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