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.
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