SUMMARY
Paytm Payments Bank has noted an increase in phishing cases
Paytm founder has also tweeted about such crimes
Recently, a man was duped on the pretext of updating KYC details
Paytm Payments Bank has witnessed an increase in the number of phishing and fraud cases in the last couple of months. To tackle the issue, it has now given out a list of 3,500 phone numbers used in such scams to several government bodies.
Paytm Payments Bank also clarified that other payments banks can also use the dataset submitted to the government bodies to easily identify the fraudster. Moreover, the company has also filed an FIR against these fraudsters and scammers with the cyber cell to find a quick solution.
Paytm Payment Bank had a series of meetings with telecom regulator Telecom Regulatory Authority of India (TRAI), the Ministry of Home Affairs (MHA) and cybersecurity department CERT-in. In the meetings, the payments bank elaborated on the several ways the phishing incidents were carried out through phone calls and SMS.
“The payments bank in its conversations with the authorities has emphasized the need for timely and effective legal action to end this menace with the involvement and support of telecom operators,” the company’s press note read.
Apart from this, Paytm Payments Bank has also provided the three bodies — MHA, TRAI and CERT-in — with a list of ‘shortcodes’ to be blocked. Shortcodes are alternate or different variations of the company’s names used by the fraudsters.
“A list of ‘Shortcodes’ that need to be blocked as well as the company’s correct header ‘iPaytm’ has been submitted with TRAI. The company has requested TRAI to prohibit telcos from using/selling any ‘Shortcode’ similar to the word “Paytm” such as “PYTM” or anything that is similarly written,” Paytm Payments Bank highlighted.
Moreover, Paytm Payments Bank also suggested that telecom operators that offer bulk SMS feature should have a well defined “Know your business (KYB)” process.
“This should include a detailed on-boarding process and proper documentation. On non-adherence to the processes, there should be a provision of stringent fines and other penal measures. Telecom operators must be required to allow traceability of the source of fraudulent bulk SMSs so that the affected companies can take legal action against the fraudsters,” Satish Gupta, MD and CEO of Paytm Payments Bank said.
Previously, even the founder of the Paytm Vijay Shekhar Sharma took to Twitter to warn people of phishing and fraud incidents. However, such incidents are still rampant.
This month, a gang, whose kingpin is believed to be from Jamtara district in Jharkhand, has reportedly duped a Mumbai-based Paytm customer of INR 1.7 Lakh. The gang has SMSed the customer on the pretext of updating his know your customer (KYC) details.
Paytm Payments Bank’s Satish Gupta has, previously, encouraged its users to report the incidents of fraud to the crime branch as well as its customer helpline. Paytm Payments Bank had earlier also stated that these messages have been sent on a widespread basis.
Gupta had also said that Paytm’s cyber cell department is in constant touch with police crime branches and is also informing its customers via blog posts, app notifications, social media, etc. to safeguard themselves from such incidents.
