Razorpay Payment Gateway : Fraud Awareness - Stay Alert! --Paytm Payments Bank Blog

Fraud prevention: stay alert! | Paytm Payments Bank Blog

Paytm Payments Bank takes customer security very seriously and wants its users to be aware of the latest fraud trends to keep themselves safe. Wherever money is concerned, frauds take place. But by following a few simple rules, people can protect themselves from all kinds of frauds. Today, fraudsters use a variety of excuses to lure people into revealing personal information and trick them. Let's be clear from the outset: neither Paytm or Paytm Payments Bank nor any of its employees will ever ask for your password/OTP over phone, SMS or email.

In our continuing effort to keep you updated, we'd like to share some common excuses used by fraudsters.

Threatening to freeze Paytm account: sometimes fraudsters call a number believing the person to be a Paytm user and say, "Your account is about to be frozen, we have sent you a six-digit verification code which we need to enter in our system in order to validate your account and keep it up and running. You need to confirm it by sharing your OTP otherwise your account will be frozen." This is a typical fraudulent call that uses fear and threats to create a sense of urgency amongst gullible users in order to gain information.OTP is confidential information and should not be disclosed to anyone over the phone under any circumstances. Rest assured that your account and the funds in it belong only to you.

Need for KYC of Paytm account: In this scenario, the fraudster will call a number, believing the person to be a Paytm user, and say, "You need to complete the KYC verification of your account in order to continue using it. We have sent you a six-digit verification code, which we need to enter into our system to complete the KYC of your account and keep it working. You need to confirm this by sharing your OTP otherwise your account operations will be stopped." This is also a typical fraudulent call that uses fear and threats to lure users into sharing information. Sometimes they may use the excuse of upgrading your account to a "VIP" PayTM account. While KYC is important and as per the Reserve Bank of India's guidelines for prepaid instruments, all users are required to complete KYC of their accounts after 28 February 2018 or provide a valid identification document to continue using the account. However, in no way will you be asked to share your OTP or password over the phone to complete account KYC or become a VIP customer. If someone does, this is clearly fraudulent behaviour. Currently, we do not have a clear concept of loyalty levels or VIP customers and will not ask you to share your OTP over the phone in the future, if at all.

Lucky Prize: In this case, you may receive a call from someone claiming to be a Paytm representative telling you that you have won a lucky prize. The first question you should ask yourself is: "Do I remember entering the lucky draw?" If not, then the call is from a fraudster. During such a call, the fraudster may ask you to confirm your personal information such as bank account number, address, email, OTP, etc. The fraudster may also ask you to send an email to a certain person. The fraudster may also ask you to make a deposit to an account to "confirm your account details".

Do not send money to any account if you do not know the account holder and do not disclose any private information over the phone. Do not send money to the person's Paytm wallet/bank account for prize redemption. Do not share the OTP/password even if the caller mentions the need to redeem the prize.

Balance Transfer to Paytm Payments Bank Ltd: You may receive a call from someone posing as a Paytm representative. During the call, the fraudster may tell you that your Paytm wallet balance is about to expire and you need to transfer it to your bank account immediately or you will lose the money in your wallet. They may also say, "We have sent you a six-digit verification code, which we need to enter into the system" or ask for your account password.

No one will ask for your OTP or password from Paytm. Remember, never share this information with anyone over the phone.

Associated UPI: If you consider yourself a merchant and use Paytm as a payment acceptance method, you may get a fraud call asking you to share your OTP or password to enable acceptance of BHIM UPI payments. Setting up BHIM UPI payments is a process that can be initiated directly by the merchant.

You don't need to share your password or OTP with anyone over the phone to start using BHIM UPI.