Paytm’s KYC Scam Is Here: Beware Of This SMS About Paytm KYC, Warns Paytm Founder VS Sharma

Recently, Vijay Shekhar Sharma, the Paytm founder has approached social media to plead with customers to maintain caution and not fall for scam messages and emails from fraudsters pretending to be company officials.

How Did This Happen?.

Day by day new methods are being invented by fraudsters. Now they have come up with a new method by using it they can remotely access your device.

Apparently, which gives them access to all information including banking and payment application in your mobiles or the devices you are using.

To prevent such mishap to happen, the e-commerce company Paytm has recently issued a warning to its customers.

This whole scenario came in picture after a fraudulent message about KYC started doing the rounds, which gave the miscreant access to the customer’s phone. 

One of the Paytm users got the message reads like – “We will hold your Paytm amount after some time – Complete your Paytm KYC PaytTM office ph 8509465029”.

What Does Paytm Suggest To Its Consumers?

The company has released an advisory to the customers, according to that –

 If customers have received any SMS or call asking them to download an app for completing their KYC, then it is a fraudster.

Paytm also informed in its warning that “They have started calling our customers saying that ‘We are calling from Paytm to re-activate your KYC’ and then they ask them to install apps like, AnyDesk, TeamViewer, QuickSupport etc and give certain permissions to these apps which is given to any normal app,”. 

How Does This Fradulants Method Work?

The fraudulent message will ask users to download and install the app provided in the link. On installations these apps let the fraudsters control the device remotely. 

After gaining access, the fraudster will have access to everything on the device, including banking and payment applications.

How To Avoid Such Instances?

According to Paytm “If you are being contacted stating that ‘your KYC has been completed and now to receive cashback or offer, you will receive an SMS with a link, to avail the offer click the link’, then always ensure that you do not click such links and delete such messages,”.

While warning people on Twitter the Paytm founder Vijay Shekhar Sharma also said, “These or some SMS with some lucky draw are examples of fraudsters attempting to get your details. Don’t fall for them.”

How Did This Incident Come In Spot Light?

Several users in the past few months were reaching to Twitter and Facebook to point out that they have been receiving messages claiming that the money in their Paytm account will be held if they don’t get their KYC done. (Reference)

One such user tweeted “I am receiving fake msgs posing as Paytm 4 KYC update. Even one of my colleague fell for this n lost money. Plz take action. Attaching screenshot (sic),”.

While some have even fallen for this trap and lost money from their accounts.

One user tweeted to Paytm saying “I’ve been trying to seek your help for past 1 week but have got no response. Fraudulent transactions were made on my wallet t on 13th Nov on the name of doing KYC by scammer. Rs 50k and 610 from my Paytm wallet were transferred to mobile number “9836240546” (sic),”.