Fraud Awareness: Stay informed!
Fraud Awareness: Stay informed!
3 minutes read

Paytm Payments Bank takes customer security very seriously and likes to keep users updated on latest fraud trends and be safe from them.

Where there is money, there is scope for fraud but by following some simple rules one can keep himself/herself safe from any kind of fraud. Nowadays, fraudsters use multiple pretexts to lure people to sharing their details and dupe them.

We would like to say upfront – Paytm or Paytm Payments Bank or any of its employees would never ask for your Password/OTP over calls, SMSes or emails.

In our continued effort to keep you updated we would like to share some of the common pretexts used by these fraudsters.

Threat to Block Paytm Account

Sometimes fraudsters call up a number, trust that there is Paytm user at the other end, and say “Your account is going to get blocked and we have sent you a six-digit code which we need to enter in the system to verify your account and keep it operational. You need to confirm by sharing your OTP or your account will get blocked.”

This is a classic fraud phone call, using fear and threat to create a sense of urgency in gullible users for sharing their details. OTP is a confidential detail and one must never share it with anyone under any circumstance over the phone. Be assured that your account and the money in it is yours only.

Need to do KYC of Paytm Account

In this scenario fraudsters call up a number, and trusting that there is a Paytm user at the other end, say “You need to get your account KYC completed to continue its operations. We have sent you a six-digit code which we need to enter in the system to KYC your account and keep it operational.You need to confirm by sharing your OTP or your account operations will get stopped.

This is a classic fraud phone call, using fear and threat to induce gullible users to share their details. Sometimes they may do on the pretext of changing your account to a “VIP” PayTM account. While KYC is important and as per RBI guidelines for Prepaid instruments, all users must get their account KYC complete or provide a valid document id to use their account post 28th Feb 2018.

However no one would or should ask for OTP over call to KYC your account or to become VIP customer. If someone is doing so, this is a classic case of fraud. Currently we don’t have an explicit loyalty tier or concept of VIP customer but whenever we do, it would not require you to share your OTP over call.

Lucky Prize

In this case, you may receive a phone call from someone claiming to be a Paytm representative and informing you that you have won a Lucky prize.

The first question to ask yourself is ‘Do you remember participating in a Lucky draw?’ If not, then the call is from a fraudster. In such a call, the fraudster can ask you to confirm your personal information such as bank account number, address, E-mail, OTP etc. The fraudster may also ask you to deposit money to an account to ‘confirm your account details’.

Never submit money to any account if you do not know the account holder and never share any private information over a call. Do not transfer any money to the caller’s Paytm wallet/ bank account to redeem a prize. Never share an OTP/password even if the caller mentions it is necessary in order to redeem your prize.

Balance shift to Paytm Payments Bank Ltd

You may receive a call from someone impersonating a Paytm representative. In this call, the fraudulent caller may tell you that the balance in your Paytm wallet is about to expire and you need to transfer it to your bank account immediately, else you will lose the money in your Paytm wallet.

They may also say, “We have sent you a six digit code which we need to enter in the system” or they may ask you for your Password to your account.

No one from Paytm, would or should ask you for an OTP or password. Please remember never to share these details with anyone over the phone.

UPI Linking

If you associate yourself as a merchant and use Paytm as a payment acceptance method, you may receive a fraudulent call asking you to share an OTP or password to enable you to start accepting BHIM UPI payments. Setting up BHIM UPI payments is process which can be initiated directly by you, the merchant.

You do not need to share your password or OTP with anyone over the phone to start using BHIM UPI.

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