Yes! You read it right. Paytm is one of the most popular wallets, UPI app, because it is easy to find all over the country, from a large shopping center, a clothing store, the car or taxi you booked online, your nearest supermarket or the hairdresser that you get your haircut from. Now some people are misusing Paytm’s popularity because they have created a fake Paytm app. Today I will share how this app is misused and how to save yourself from such fraud.
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A Fake/Spoof PayTM is distributed through such suspicious websites. It claims to offer a spoof version of the popular PayTM app, which generates a fake payment receipt. Scammers use these fake payment receipts to commit fraud against innocent merchants and to whom such scammers are also required to pay. Such scams harm both the merchants and the scammer, let me tell you how.How is the fake Paytm app dangerous?
The Paytm spoof circulating on the internet is dangerous for both the scammer and the merchants/traders.
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- Scammers can scam the merchants/retailers by showing a fake successful payment confirmation.
- These payments never reach the retailer. With 2x loss as a result.
- Since the app circulates from suspicious websites, the app itself may turn out to be malware. That could also infect the scammer’s phone.
- There is always a risk of loss as the developer of the spoof app cannot be trusted either.
- Paytm is already aware of such fake/spoof scams and is already taking the necessary steps.
- Defrauding someone is an offense under Section 420 of the Indian Penal Code and can carry a jail term of up to 7 years.
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There are a few ways to protect yourself from such Fake/Spoof PayTM scams and scammers. If you’re a retailer/trader, you can follow these to stay safe, once someone sends you money:
- Check the SMS notification of the payment receipt.
- Check-in App notification for the payment receipt.
- Use the PayTM Business App to check the details of each transaction.
- Confirm payment with PayTM Soundbox, which immediately confirms payment, in your local language. You can request your PayTM soundbox here.
In this article I have shared what fake Paytm app fraud is, what the consequences are for both the scammer and the retailer/merchant. And the ways to protect against such Paytm scams. Stay tuned for more such tips and tricks.
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