Paytm warning: Fraudster trying to steal from bank account

Nov 27, 2019 Cybersecurity
Paytm warning

In this digitized world, people prefer online transaction to traditional transaction (off line shopping). Though online transactions make our work and life easy yet it can be dangerous sometimes while making transaction. Many people use apps through which they can make payment such as iMobile, eBay, Paytm, WhatsApp, etc. but do you know money can be traced or steal from these apps? Hackers are very smart as they can easily get to know the details of your bank account through these payment apps.  

Recently, many account holders are tracked by hackers because of the payment app. Paytm issued warning for their users as they are the one who are getting hacked by hackers. Yes, folks if you’re paytm user and still aren’t aware of the news then this article is for you. Read it till the end and save yourself from being hacked.

Paytm user’s accounts are being hacked: Be aware folks!

Recently, Paytm Company warns its users about the fraudsters who are trying to steal money from their bank account. As per the Company’s report, fraudsters are sending hoax SMS and are making calls about account suspension, account block, KYC or rewards, don’t fall for it.

Paytm is very much concerned about its users and warns them saying “If you have received any SMS/call asking you to download any app for KYC completion then please do not trust these communications, these are fraudsters attempting to get your details. In the last couple of months, fraudsters have come up with a new way”. The main purpose of these calls is to get remote access to your smartphone and steal your mobile banking credentials.

In the latest released notification, Paytm warned its users of online bank frauds and have asked them to be alert and careful from the scammers. Many users tweeted to Paytm about the messages they’re getting to complete their KYC process etc.

Read Paytm founder Vijay Shekhar’s statement in light of increasing fraud case

Through his social media account on Twitter, Vijay Shekhar twitted, “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. Pls RT,” He also stated that there are “widespread KYC scams messages going on behalf of Paytm”. He also revealed that they are not sending any SMSs or anything related to KYC completion or to download any app.

The official Twitter account of Paytm also warns users, “no KYC can be conducted by downloading any other app”, and users must “beware of fraudulent SMS & Calls about Account Block, Account Suspension or Fake Offers”. Paytm also emphasized never to share personal details such as one’s ‘OTP, UPI Pin, CVV’ with others.

How fraudsters will scam your bank details through Paytm?

As per reports, fraudsters are sending messages to Paytm users about re-activating KYC. They are also providing 10-digit mobile number and an attached link. Every users are getting different different number.  So, when a user calls on the same number, it goes unattended. After a few minute, the users get a call from the same number saying, “we are calling from Paytm and you need to re-activate your KYC’. Then, they ask the Paytm users to install apps like, AnyDesk, TeamViewer, QuickSupport, etc and give certain permissions to these apps which are given to any normal app. As you all know these apps are for remote access of your devices.

Once you download the AnyDesk app or a similar one, it will ask you for privacy permission just like any other regular app. the fraudsters will ask you 9-digit app code, which you received on your phone. Once fraudsters receive this 9-digit code, they will ask you grant permission from your phone.

After granting permission, they will gain access to your mobile including banking apps and then they’ll be able to transact through your account which includes UPI and wallets.

Some tips to avoid getting trapped from fraudsters

  • Paytm KYC can be completed by having face-to-face meeting with Paytm agent at an authorized KYC point or at your doorstep.
  • To complete KYC process, Paytm send you SMS just to fix an appointment with Paytm agent or to locate your nearest KYC point.
  • Paytm never calls you to download any app or asks your bank details.
  • Paytm never send any SMS/Email for Paytm minimum KYC.
  • You don’t need any support to complete your KYC with Paytm, it’s a DIY process.
  • Paytm never ask you for PIN, OTP, Password, Password reset link, Debit/Credit card or bank details.
  • When a Paytm agent comes to complete your KYC always check their ID card.

All above points are clarified by Paytm Company.

Closing thoughts!

It is highly advisable not only to Paytm users, but also people who make online transaction through any payment app that be aware of the fraudsters and do not believe any messages or calls blindly. Now ongoing issue is about Paytm then users must not download apps or click on any links ask by fraudsters.

You can see that how people are getting trapped by these hackers. My motive behind writing this article is only to make you aware of this hacking issue. If you’re a Paytm user then you need to be aware now. Save yourself from getting being trapped by hackers.

I hope this was informative and helped you. Kindly comment below to let us know how you find this article. For more information and latest updates get in touch with us.

Huma Naz

Huma Naz is an Admin at Softifive (Maigro Technology), a leading Software Development Company. Naz is passionate about technologies. She enjoys to manage company and writing about New Technology Update.