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
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
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
INFOSYS TECHNOLOGIES PVT. LTD.
SAMSUNG INDIA ELECTRONICS LTD.
DATA SAFEGUARD INDIA PRIVATE LIMITED
VERSA NETWORKS INDIA PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : NEERAJ MITTAL
He started his career as an IAS Officer in 1992. He has held various a...
Icons Of India : GAUTAM ADANI CHAIRMAN ADANI GROUP
Gautam Adani is the Founder and Chairman of the Adani Group, which ran...
ICONS OF INDIA : SACHIN BANSAL
Sachin Bansal is an Indian entrepreneur. He is best known as the found...
PARTNER SPEAKERS
PSU
EESL - Energy Efficiency Services Limited
EESL is uniquely positioned in India’s energy sector to address ener...
CSC - Common Service Centres
CSC initiative in India is a strategic cornerstone of the Digital Indi...
NPCI - National Payments Corporation of India
NPCI is an umbrella organization for operating retail payments and set...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Sundar Pichai, CEO- Alphabet Inc.
Sundar Pichai, the CEO of Google and its parent company Alphabet Inc.,...
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...
Indian Tech Talent Excelling The Tech World - Satya Nadella, Chairman & CEO- Microsoft
Satya Nadella, the Chairman and CEO of Microsoft, recently emphasized ...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
