BEWARE of Paytm scammers: Account Details Can Be Hacked!

As we all know, Paytm is one of the most popular online banking platforms. It’s easy to use and user-friendly as well. However, with increased accessibility and popularity the adoption of the platform is increasing day by day and thus is attracting many scammers. Paytm scammers are becoming common these days!

I know it’s shocking but yes they actually do this and then all your details will be with them. But do not worry, I will let you know the full process so that you can keep your account safe.

How they do the scam?

We all know that KYC verification is needed to enjoy all the features of Paytm. So, these Paytm scammers try to take advantage of the situation. They start with approaching users through call or text as KYC representatives.

The first step will be receiving a text or getting a call on a particular phone number to add KYC details. If this doesn’t work, the scammer might directly call claiming to be a representative from Paytm.

Secondly, the scammer will verify your name, DOB, and number. At times they will even ask you to download an app, that’s where it all starts. The app basically a TeamViewer app that will help other people see your mobile screen using a code. So, once the app is installed it will ask for all the permissions of your device and generate a 9 digit code and then they will ask you to share that code with them. After getting that code they will have full access to your phone. After this, he will disconnect the call stating that KYC is verified. But, actually, it’s nothing like that as now he has access to your screen, he can look at all your ids, passwords, OTPs. And once e gets his hands on those, your account will be empty.

Now when you know how the process is, the main concern is to take precautions accordingly:

How to keep yourself safe from Scams?

Staying away from all these scams is simple. Just keep 3 things in your mind:

• If someone is asking you to pay something because you won something and will get a bigger amount, then never do that it is a scam.
• No company or bank calls you to verify your details ever! They will always ask you to come to the nearest branch if required. And even if they call, they won’t ask you to install an app or share any other information.
• If someone calls and says, you that won have got an offer, you can claim via this and that, and you are not sure what to do. Then it’s best to disconnect the call and then contact the official customer executive regarding the same.

However, Paytm is taking many security measures that will help users to keep their accounts secure. But it seems that it’s not working as almost 190 Paytm users were trapped in the name of fake KYC update.

Reports even say that hackers have been using different tricks to get into people’s Paytm accounts. In December 2019, Paytm founder, Vijay Shekhar Sharma made a tweet stating that “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”.

According to the cyber expert, there are many apps Team Viewer or Quick Support that helps cybercriminals hack someone’s account and later misuse it to steal money and personal details.

The main thing to do after hearing all this is to know everything about the Paytm KYC process and how it actually works.  Paytm KYC can only be done through a registered number and Paytm will never call you or asks you to install any app for KYC verification.