Paytm KYC scams are on a rise: How you can safeguard yourself

Paytm is arguably one of the most popular payment apps in the country. With over 100 million downloads on the Google Play Store, it wouldn’t be a stretch to say that the payments platform is used by people from all walks of life. But since the past couple of months, a scam has been targeting innocent Paytm users into giving up control of their accounts.

In one case, a teacher from Bhopal lost ₹45,000 in a Paytm KYC fraud case, in another case, a Paytm customer from Mumbai lost ₹1.7 crore. These are some of the most recent examples. In the past couple of months, Paytm users all across the country have been getting fraudulent SMSs. These text messages warn users that their KYC would expire and the service would be blocked within 24 hours. The SMSs also ask the Paytm users to call on a given number to prevent their accounts from getting blocked.