Paytm Fraud: Founder Cautions User On Modus Operandi

As with other type of fraudulent financial transactions, Paytm fraud is also gaining and amid it its founder Vijay Shekhar has warned its users against paying heed to any of the SMSes that ask you to block your Paytm account or carry out KYC formalities via them. And it is also highlighted that most frauds are around the KYC issue. Paytm says, "Any SMS sent by Paytm regarding KYC will only have a link to fix an appointment with our KYC agents or find the nearby KYC points."

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The wallet company completes KYC procedure by either sending Paytm representative to your place of residence or you can also visit any of the authorized KYC points.

Also, the payments company has issued an advisory for users to be careful about the fraud that is taking place and the modus operandi. On the condition that users need to be KYC compliant, fraudsters in a bid to rob funds from paytm wallet holder's account send suspicious link for carrying out or may even ask to call them on their number.

Here they ask to download some specific app and complete its installation on your mobile. And by doing this fraudsters gain access to your phone and then they use it to rob you of your funds.

"In the last couple of months, fraudsters have come up with a new way. They have started calling our customers saying that 'We are calling from Paytm to re-activate your KYC' and then they ask them to install apps like, AnyDesk, TeamViewer, QuickSupport etc and give certain permissions to these apps which is given to any normal app. Once the app is installed, generally a 9 digit address code is generated which when shared can allow other users to access your devices remotely", said the company in its blog post.

"If you are being contacted stating that 'your KYC has been completed and now to receive cashback or offer, you will receive an SMS with a link, to avail the offer click the link', then always ensure that you do not click such links and delete such messages", cautions Paytm.

In case of fraud, one needs to contact Paytm customer care at 1800120130 or at 0120-4456456.

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