Paytm is an Indian e-commerce payment system platform working since 2010. It is among the first pioneers of online transactions in India. Paytm has got a huge boost in recent years raising its user base to a huge 250 million users with 5.5 billion transactions in the year 2018-19. As the number of user’s increases this exposes more people to various Paytm scams. These scammers can take your hard earned money out of your account.
This article will help you understand about these Paytm scams and how you can prevent the same happening to you!
How does the Paytm Scam starts
The most famous scam which Scammers are most likely to use to gain access to your account is the “Incomplete KYC” scam.
These people are very subtle in what they do, they will pretend to be official Paytm executives and call you on your phone. They will make you believe that you have not completed your KYC.
What is KYC?
KYC stands for “Know Your Consumer”; it is a process which helps the company – in this case Paytm to identify their users uniquely.
The KYC process is compulsory for every user that wishes to use Paytm.
The Scammer will scare you
The Scammer provides you false information that your KYC is incomplete and if not completed immediately you will not be able to use your Paytm account.
This information will make many users worried as they use Paytm on a regular basis for their day to day transactions.
Then the Scammer who seems totally legit will ask you if you want to complete this process now?
Most of the people agree with him because nothing seems fishy as of now, isn’t it?
Hold on for a second, this Scammer will then either send you a link or ask you to download an Application so that you can continue with the KYC completion process.
This application and the website will seem so close to the original Paytm app that on a quick look one cannot guess whether it is fake or not.
He will then ask you to login with your Paytm account credentials into this application. Once you have logged into the application or the website the scammer has already got your login credentials, this way he already has half of the information he needs.
The Scammer will then ask you to enter your card details in the application by giving you some false information that a small amount is necessary for the completion of the process.
When you will enter your card details into the application, you will feel safe entering these details as the app seems completely legit to you and you are sure that your data is safe with Paytm.
But that is not the case, the Scammer now has your Login Credentials and your Card Details. The Scammer will then do a transaction for a very small amount like 1 rupee or 10 rupees and will ask you to permit this transaction.
Once you have permitted this transaction the Scammer has total control over your account. He will still be on the line with you and carry on many transactions for a higher sum of money.
And, you are scammed…
This is when the ground below your feet starts to crumble and you realize that you have been scammed!
These Scammers will show no mercy and keep on withdrawing money from your account until your bank balance is zero or you contact your bank to stop all transactions. Blink of an eye and your hard earned money, vanished!
Although this may seem very obvious to recognize that the person calling is fake it can happen to the best of us anytime. There are ways in which one can prevent falling into such scams.
How to stay safe from Paytm Scams:
1. Always remember to be skeptical when it comes to your money, ask the person calling you various questions so that you can be sure he is an authorized worker of Paytm and not a scammer.
2. Never login into the links or download the applications that these people suggest to download, never forget Paytm never asks you to download any extra app for any purpose.
3. Even if somehow you end downloading the application, not in any case should you enter your card details if someone asks you to do so. Whenever someone asks you to enter card details that it is a huge “RED ALERT”.
4. These scammers will try to scare you that you will not be able to use your account. Remember this fact that no company wants to lose its user’s and they will never threaten you by giving any ultimatums.
These are so simple things to remember that if you keep these in your mind you will not lose any of your hard earned money not only to the Paytm Scammers but any other Scammers out there.