Are you a Paytm Merchant? This is how you can stay safe

Are you a Paytm Merchant? This is how you can stay safe

Technology is opening new avenues for communication and commerce today. However, scammers across the country are also getting increasingly sophisticated in their attempts to get your money or personal details as well. That’s why we feel its our duty to inform you about the latest trends in fraud so you can be alert and protect yourself from being scammed by following our advice.

Here are the three most common scams fraudsters pull off on unsuspecting victims posing as Paytm officials:

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1. Bank Details Scam

A lie mixed with some truth is harder to catch. In this case, the fraudster will declare you as a Paytm merchant, but enter his/her own bank details. That means whatever payment you’re receiving is going straight to their bank account.

Our self-declaring mechanism is so simple, you can do it yourself within minutes.

What can I do to protect myself?

  1. Go to ‘Details of Payment Received’ in the Accept Payment option and check the daily collection of money transferred to your bank account regularly. If you every notice any discrepancy, immediately contact our Customer Care.
  2. Do not leave your smartphone with unknown or suspicious individuals.

2. ID Proof Fraud

A fraudster often requires sensitive information like proof of ID to gain access to your Paytm account information. He/she can try to gain access to these documents from merchants by posing as a Paytm Agent.

Interesting Fact: Over 99% of all Paytm KYCs done today are instant and 100% paperless. That means a trusted Paytm Agent will finish the entire eKYC procedure in front of you using a mobile-based biometric scanner and you’ll see an instant spike in your wallet balance limit.

Even if your locality is unserviceable by eKYC, visit your nearest Paytm KYC center using our Nearby feature or write ‘for Paytm KYC Procedure only’ at the back of your photocopied documents before handing them over. This will greatly reduce the chances of your documents being misused for malicious purposes.

What can I do to protect myself?

  1. Always verify the agent’s official ID and your unique customer ID before handing over sensitive documents to him/her.
  2. Genuine Paytm agents are not likely to approach you for KYC if you have not raised a request with us.

3. Fake QR Code Scam

Some criminals paste their own QR codes over original ones to illicitly obtain money. As ordinary consumers, you simply cannot tell the difference. Unsuspecting victims, expecting the payment to go to the shopkeeper or a service provider will be tricked into transferring money to the fraudster.

That’s why it might be a good idea to take your QR Code home with you, or store it in a safe place when you’re not around.

What can I do to protect myself?

  1. Stay alert. Make sure no one is changing the QR codes in your shop.

2. Request your customer to show you the ID Name before the pay by scanning your Paytm QR Code.

3. Check your Paytm Passbook to ensure you’re receiving payments from your customers.

Always remember, scams target consumers from all backgrounds, ages and income levels across India. They succeed because they look like the real deal and catch you when you’re least expecting it. They exploit your will to be polite, respectful and generous.

Source:- paytm
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