Paytm, Google Pay, PhonePe KYC fraud: Delhi Police’s 4 tips to protect you

“There has been a spike in KYC fraud regarding online payments apps such as Paytm, Google Pay, PhonePe, and more”

Delhi Police has issued an advisory to various e-wallet and payment app users with a list of things that they shouldn’t do to avoid KYC fraud. Several users have fallen prey to fraudulent calls related to e-wallets and payment apps such as Paytm, Google Pay, and PhonePe, resulting in a huge amount of financial losses. Delhi Police, via a post on its Twitter account, has advised people to beware of the KYC fraud and payment app verification done over phone calls. 

Delhi Police’s instructions are as follows:

  1. Don’t click on website links sent in any message
    KYC frauds are mostly initiated via text messages that may require you to visit a URL. You should be cautious and not follow any of the instructions given in these messages. If you’re sensing anything fishy, report it to the payment’s app customer care or cyber cell. 
  2. Don’t install any app on caller’s advice
    You can also fall prey to phishing via an app. A caller may tell you that your KYC has been expired and can be validated online with an app to continue using e-wallet and payment apps. You should avoid installing such applications on your device as they can clone your phone and expose sensitive information such as usernames, passwords, and bank details.
  3. Don’t do even a Re 1 transaction
    You’re susceptible to phishing while making payments as well. A fraudulent call may ask you to transfer a small token amount to your wallet, and when you do so, they can see your password and other details via the installed app. They can then use these details to simultaneously transfer larger amounts from your bank account.
  4. Don’t call on the number given in KYC SMS
    Lastly, don’t respond to the KYC messages. These pseudo messages may tell you that your KYC for the e-wallet and payment app has been expired, and in order to renew it, contact a particular number. “Such calls or messages are intended to cheat users,” notes Delhi Police. If you’re getting these calls or messages, report them immediately on www.cybercrime.gov.in.

There has been a spike in fraudulent cyber-activities regarding online payments. According to reports, cybercrimes related to e-wallets and payment apps like Paytm, Google Pay, and more are rising at an alarming level. Paytm and Google Pay also recently cautioned its users about the KYC fraud. “Please don’t trust any SMS sent on blocking your Paytm account or suggestion to do a KYC. These are fraudsters…” said Paytm founder Vijay Shekhar Sharma in a social media post.

So while you enjoy the smooth transaction experience of digital payment apps, keep the aforementioned things in mind.