Paytm kyc fraud

Paytm KYC fraud? Bank accounts in danger? How to avoid this? All you need to know

With India entering into a digitized and cashless economy various apps have come up to ease the digital payments across the country. One such app is Paytm, founded by Vijay Shekhar which is now widely used across Kirana stores as well as big shopping malls. It has made payments easier but as everything comes with some caution attached to it, users have to be a little cautious while using such apps. Well KYC fraud is one among them. It can happen in two ways so let’s know about them in detail. Here we will discuss, How to avoid Paytm KYC fraud? How paytm KYC fraud is done? …Be with us.

How to avoid Paytm kyc fraud?

How paytm KYC fraud is done? How to avoid Paytm KYC fraud?

By asking your card details

How paytm kyc fraud is done?
  • This type of Paytm KYC fraud is known as Phishing, that involves stealing personal information such as Customer ID, IPIN, Credit/Debit Card number, Debit/Credit Card expiry date and CVV number among others.
  • Fraudsters can use several means to appear to be a genuine source, say Paytm. They can even use technology to mask their real phone numbers so you see the legitimate Paytm Customer Care number 0120 3888 3888 as the caller ID.

Here are a couple of baits fraudsters often use to cheat consumers on Paytm and How to avoid Paytm KYC fraud?

1. “Hi Sir/Ma’am, you have won an exclusive offer reserved for our top customers only. Please share your credit/debit card details so we can transfer the gift money to your bank account.”

2. “Hi, I’m calling from Paytm. We have launched a KYC drive across India. Doing KYC would mean you can accept up to INR 1 lakh in your Paytm Wallet. However, I would need some proof of identification and your credit/debit card details.”

3. “Hi, I’m calling from Paytm. We are happy to let you know that you have won an additional Rs. 5000 cashback on your latest purchase. Please share your credit/debit card number so we can credit the money directly into your bank account.”

4. “Congratulations! You have been nominated as a ‘Top Paytm Merchant’ in your locality and are now eligible for a Special Booster Pack. This will further upgrade the limits of your Paytm Wallet. Please share some proof of identification and your credit card details to avail this great offer.”

steps we should take to avoid paytm kyc fraud?

What we should Do when we get these Paytm Fraud calls?

  • Disconnect immediately and share the fraud number with paytm by calling their helpline number — 0120 3888 3888.
  • Call paytm customer care immediately if you have mistakenly revealed your Wallet details to someone.

What We Should not do When We Get These Paytm Fraud Calls?

  • Never share confidential details when you receive such unsolicited calls, SMSes or emails.
  • If you get a SMS/call asking for sensitive information, kindly do not provide these details.
  • Don’t open or forward these suspicious links via email, SMS or chat.

*Kindly note that Paytm already has your debit/credit card details if you have added so and there is no sense that Paytm employees will ask you about it. Also if you have received some cashback then Paytm will directly deposit them to your Paytm wallet and later you can transfer them to your respective bank accounts.

How Paytm KYC Fraud Is Done? How to avoid Paytm KYC fraud?

Instructing you to activate KYC by installing some apps

paytm kyc fraud?
  1. 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.
  2. They call users saying that ‘We are calling from Paytm to re-activate your KYC’ or simply send SMS stating that the users Paytm wallet is temporarily suspended or blocked and in order to gain access, users have to call to a particular number to complete their KYC or the message also sometimes states that the KYC is 60% complete but 40% incomplete and upon calling the given number they instruct users to install apps like, AnyDesk, TeamViewer, QuickSupport etc and tell users to grant certain permissions to these apps which are given to any normal app.
  3. Once the app is installed, generally a 9 digit address code is generated which when shared with the fraudster can allow other him to access your devices remotely.
  4. After gaining remote access to your device, all of your mobile banking apps can be accessed by these fraudsters and they will be able to transact through your account which includes UPI and wallets.
  5. 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.

What we need to do for a successful Paytm KYC?

*Please Note! Paytm KYC can only be completed only at authorized KYC points or by a Paytm representative at your doorstep. Also, Paytm cashback will only be credited to your Paytm wallet or bank account. Paytm never sends any link to avail cashback.

  • Any SMS sent by Paytm regarding KYC will only have a link to fix an appointment with  KYC agents or find the nearby KYC points.
  • Also remember, to complete Paytm Minimum KYC, you do not need any support. It is a simple do-it-yourself process. Once you login to your Paytm App, you get a pop-up after you click on that you can easily follow the steps to complete your Minimum KYC all by yourself.
paytm kyc fraud of rs.13lakh

What steps should be taken for a successful Paytm KYC?

1. Paytm Full KYC can only be completed by having a face to face meeting with the agent at an authorized KYC point.

2. SMS sent by Paytm about Full KYC only has the link to fix an appointment with the KYC agent or to locate your nearest KYC point.

3. Paytm will never call you and ask you to install any app. Paytm KYC can be done within the app. There is no sense of installing another app to activate KYC. If someone says so then better give the number to Paytm customer care at 0120 3888 3888.

4. Paytm never sends any SMS/Email for Paytm Minimum KYC. It can be done within the app itself.

5. You do not need any support to complete your Minimum KYC with Paytm, it is a DIY process.

6. Paytm never sends any link to avail cashback. The cashback will be directly credited to your Paytm wallet or bank account.

7. A Paytm employee will never ask you for any of your PIN, OTP, Password, Password reset link, Debit/Credit card CVV or PIN or bank details. They are already provided by you in the app itself.

8. When a Paytm agent comes to complete your KYC do check their ID card.

Important steps to be remembered while performing Paytm KYC

These are some steps to be taken to ensure you use the technology to its full capacity by not compromising on your personal information. Technology is advancing day-by-day and hackers are constantly looking for some loopholes to use it in an illegal manner but that does not mean we should refrain ourselves in using it but instead, we can be a little vigilant and take some necessary steps before using them. Thank You for taking out your time in reading this. Hope this helps. If you feel this article to be useful then do share this to your friends and family and also click on the bell icon to stay updated with tech and cybersecurity articles like these to make your life easier and secure.

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