Paytm App Alert: Beware of Fake Paytm App! If you don’t know how to spot fraud, you could lose money. While the epidemic has boosted digital transactions in India, it has also opened the door for scammers to prey on innocent first-time users. Bad actors use a variety of techniques to deceive and steal people’s hard-earned money. A fraudulent Paytm app was discovered to be used to steal lakhs of rupees from Indian bank accounts in one such case.
According to a story in The Indian Express, the Hyderabad Police Department has detained eight people for allegedly duping and stealing thousands of rupees from victims. Furthermore, the police are said to have seized Rs 75,000 from the alleged online scammers who were apprehended.
However, authorities are becoming concerned as the incidence of digital frauds increases. Fake Paytm apps, for example, are being used to steal money. The counterfeit apps seem quite similar to the legitimate Paytm app, making it impossible for users to distinguish between the two.
Other Indian cities and states, such as Indore and Chattisgarh, have reported similar fraud occurrences. An alleged fraudster allegedly purchased salmon worth thousands of rupees and used the phone number and other details on the app to show the shopkeeper a bogus payment screen. The fraudster was eventually apprehended and handed over to the authorities.
Fraudsters enter the purchase details using a bogus Paytm app. The program generates a phony successful payment notification using the information, which appears so real that merchants believe the customer has paid the money.
However, it is only a phony notification, and no monies are moved to the merchants’ account. As a result, the scam is difficult to detect because retailers rarely have time to verify their balance.
Shopkeepers should, however, check the balance after each transaction or, at the very least, wait for the payment notification to arrive before giving goods or services to clients.