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What is Paytm KYC Scam?

IamCheated.com Research Team | November 27, 2019  9:19:am

What is Paytm KYC Scam?

If you are using Paytm or digital payment platforms, you must be very careful.  Paytm customers are complaining of fraud by Paytm employees. Paytm founder Vijay Shekhar Sharma has taken to Twitter to caution and assure you and lakhs of Paytm users.

Fraudsters are sending SMS around saying you have won a lucky draw. You must not fall for this scam.

See Also: Paytm warns users against KYC fraud

How do fraudsters empty your bank account?

The fraudsters target you and other Paytm customers, asking that a mobile or desktop app be downloaded to complete the KYC (Know-Your-Customer). The fraudsters easily gain access to your PIN. They can easily empty your bank account in a few transactions. Commonly used apps are AnyDesk, QuickSupport and TeamViewer.

How deep is the Paytm problem?

Paytm has acknowledged in a statement that the problem is widespread. Complaints have been lodged with RBI and Paytm over the past few months.

Paytm is in constant touch with the Police and relevant authorities. You and other customers are encouraged to report any problems/incidents so that appropriate action may be taken.

HDFC Bank, Axis Bank has already issued advisories against downloading the remote applications like AnyDesk, QuickSupport and TeamViewer. These applications are not malware. It’s just that they allow fraudsters to misuse them as they offer remote access to mobile and laptop devices.

How to avoid digital fraud?

Digital frauds take place as people migrate to digital payment platforms like UPI and BHIM. You must be extra vigilant as you make transactions to avoid falling prey to fraudsters.

STEP 1: Check with the bank or payment platform to check the app you are downloading. Check if they have an app and verify what it’s called.

STEP 2: Be careful of those apps which ask you to fill Bank details, Aadhaar and mobile details. If you find BHIM asking these details, be careful. This is because BHIM won’t ask for these details.

STEP 3: Be careful of SMS of WhatsApp prompts for PIN, KYC, Aadhaar or OTP details.

How to identify fake Paytm fraud?

“We will hold your Paytm amount after sometime. Complete your Paytm KYC PayTM office ph 8509465029”. If you have received SMS or mobile call asking you to download an app to complete KYC, this is a fraudster.

You would get a call asking you to re-activate your KYC. You would be asked to download apps like AnyDesk, TeamViewer, QuickSupport and so on. You would be asked to give certain permissions just like normal apps.

Apps like AnyDesk allow fraudsters to remotely control devices. They get access to banking and payment applications.

You can be fooled in other ways. Fraudsters say the KYC is completed and you get an SMS with a link. Fraudsters ask you to click on this link to get the offer. Don’t click on these links and delete any such messages you require. You will even find SMS saying you have won a lucky draw. Don’t fall for this as it’s a trap to get personal and financial details.

See Also: Tips To Use Paytm Safely

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