Paytm KYC scams are on a rise: How you can safeguard yourself

Paytm is arguably one of the most popular payment apps in the country. With over 100 million downloads on the Google Play Store, it wouldn’t be a stretch to say that the payments platform is used by people from all walks of life. But since the past couple of months, a scam has been targeting innocent Paytm users into giving up control of their accounts.

In one case, a teacher from Bhopal lost ₹45,000 in a Paytm KYC fraud case, in another case, a Paytm customer from Mumbai lost ₹1.7 crore. These are some of the most recent examples. In the past couple of months, Paytm users all across the country have been getting fraudulent SMSs. These text messages warn users that their KYC would expire and the service would be blocked within 24 hours. The SMSs also ask the Paytm users to call on a given number to prevent their accounts from getting blocked.

When Paytm users call the specified number in the SMS, the fraudsters on the other end of the line ask the unsuspecting user to install apps like AnyDesk, TeamViewer or QuickSupport. Once the app is installed, a 9 digit address code is generated which when shared, allows fraudsters to access and view users’ device screens remotely. This then allows fraudsters to transact through their Paytm accounts or other e-wallets.

Paytm, in the past, has cautioned its users that it would never send such a message to any of its users. It has also said none of the Paytm employees will ever ask the users to download any app to get their KYC done or to unblock their accounts.

In light of the growing number of KYC scams, here are a bunch of things Paytm users need to remember to safeguard themselves from the fraudsters:

-- Paytm full KYC can only be completed by having a face to face meeting with the company’s agent at an authorised KYC point.

-- SMS sent by Paytm about full KYC only has the link to fix an appointment with its KYC agent or to locate the nearest KYC point.

-- Paytm will never call users and ask them to install any app.

-- A Paytm employee will never ask users for any of their PIN, OTP, password, password reset link, debit or credit card CVV or PIN or bank details.

-- Paytm will not ask users to enter their password or card CVV or OTP on random links or any other url except Paytm.com.