With the Paytm KYC scam gaining traction, here is how to avoid becoming a victim
By MYBRANDBOOK
With hundreds of Paytm customers having complained of fraud by 'Paytm employees', users of the digital payments platforms will have to be vigilant. To take matters into his hands, Paytm Founder Vijay Shekhar Sharma took to Twitter to caution and assure users. He tweeted on November 19 cautioning users about fraudsters' attempts on their accounts -
“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.”
Some of the SMS were doing the rounds with some lucky draw and he asked users not to fall for it.
The modus operandi is that fraudsters ask customers to download a mobile or desktop app to facilitate the Know-Your-Customer (KYC) process, through which they gain access to the victim’s PIN. They then proceed to empty out the linked bank account in multiple successive transactions. Applications used in the scam include AnyDesk, QuickSupport and TeamViewer, according to a report.
Though the extent of the damage is not known, the company had in a statement said the problem was 'widespread'. Several complaints of a similar nature have so far been registered with Paytm and the Reserve Bank of India (RBI) over the past three months.
Finance Minister Nirmala Sitharaman told Rajya Sabha that the central bank had registered 2,000 such complaints since July. Only 723 (36 percent) of these were resolved, with the rest yet pending, she added.
How many of these cases pertained to Paytm was still unclear.
Paytm states that the company is in constant touch with the police and encouraged customers to report such incidents so that 'concrete action' could be taken.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
Autodesk continually pushing the boundaries in the Design and
Autodesk’s vision is of a better world designed and made for all. It inte
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
LAVA INTERNATIONAL LTD.
HAVELLS INDIA LTD.
BEETEL TELETECH LTD.
DELL TECHNOLOGIES INDIA PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
SHAKTIKANTA DAS
Shaktikanta Das is serving as the current & 25th governor of the Reser...
ICONS OF INDIA : SUNIL VACHANI
Sunil Vachani is the Chairman of Dixon Technologies (India) Ltd. Under...
ICONS OF INDIA : SANTHOSH VISWANATHAN
Santhosh Viswanathan is the the Vice President and Managing Director f...
PARTNER SPEAKERS
PSU
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
LIC - Life Insurance Corporation of India
LIC is the largest state-owned life insurance company in India...
CERT-IN - Indian Computer Emergency Response Team
CERT-In is a national nodal agency for responding to computer security...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - ARVIND KRISHNA, CEO – IBM
Arvind Krishna, an Indian-American business executive, serves as the C...
Indian Tech Talent Excelling The Tech World - JAYASHREE ULLAL, President and CEO - Arista Network
Jayshree V. Ullal is a British-American billionaire businesswoman, ser...
Indian Tech Talent Excelling The Tech World - AJAY BANGA, President - World Bank
Ajay Banga is an Indian-born American business executive who currently...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
