9,979.10152.95
Stock Analysis, IPO, Mutual Funds, Bonds & More

Paytm moves against fraudsters, files FIR

Paytm has also filed a first-information report (FIR) with Noida police’s cyber wing against the 3,500 numbers which, the company believes, are behind online frauds.

TNN|
Last Updated: Jan 25, 2020, 02.44 PM IST
0Comments
ThinkStock Photos
ThinkstockPhotos-514568644
Along with the list of offenders, a list of SMS shortcodes was given to the authorities.
(This story originally appeared in on Jan 25, 2020)
Bengaluru: To fight the rising menace of online fraud by cyber crooks resulting in consumers losing money, Paytm Payments Bank — which houses the Paytm e-wallet — has handed over 3,500 numbers to the Telecom Regulatory Authority of India (Trai), the ministry of home affairs (MHA) and CERT-In, the cybersecurity agency.

It has also filed a first-information report (FIR) with Noida police’s cyber wing against the 3,500 numbers which, the company believes, are behind online frauds. Paytm hopes the government and the telecom regulator could use the database to stop the fraud attempts on consumers.

In October, TOI reported how seven internet-based companies had come together to share data with the Reserve Bank of India, State Bank of India and other relevant stakeholders to fight rising online frauds.

image
Along with the list of offenders, a list of SMS shortcodes was given to the authorities. SMS shortcodes are essential tools to use the company’s name falsely to fool consumers. For example, one of the most used shortcode is Pytm, mimicking Paytm. This can deceive a consumer to believe the text is coming officially from Paytm.

“Telecom operators should be directed to have stringent control on the issuance of shortcodes for bulk messages to companies. There is also a need to blacklist companies permitting such SMSs to be sent,” said Paytm Payments Bank MD & CEO Satish Gupta.

In its communication to Trai, Paytm has stressed on the need to give financial institutions the authority to raise requests with telecom companies for the immediate blocking of phone numbers and shortcodes sending fraudulent SMS.

Also Read

Paytm Mall to shift its operations to Bengaluru

Paytm First Games forays out of India

Paytm temporarily adjusts employee leaves for smoother ops

Paytm in funding talks with Microsoft to build war chest

Paytm cuts losses 20% as e-pays fall

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service