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Beware “Fake PayTm” Apps Cheating People With Their Money

PayTm Fraud with Fake Android Apps – Recently many cases were registered by Hyderabad Police where crooks are resorting to fake apps like ‘prank Paytm’ to con shopkeepers and merchandise owners. The Android application “Fake PayTm” was used for generating the fake payment receipt along with transaction ID to cheat people.

Frauds has taken place in many of the shops where fraudsters show completed payment message on the fake app after their purchase and walk away with the goods without actually paying for it.

Stores at Heritage Fresh in Jubilee Hills, Himayatnagar and Abids, Firstcry Kids and Almond House at Himayatnagar — were cheated off of Rs 2 Lakh using a fake app.

Read – ATM Fraud – List of Customers Liability

Mode of Cheating using Fake PayTm apps

The fraudsters downloaded ‘Prank Paytm’, a fake app, from Google Play Store and deceived traders. After shopping, fraudster pretend to be using the PayTM app on their phones to pay the bill. They enter the details in the prank version, which shows a message mimicking the original saying that the payment has been made. They show the cashier the message with a fake transaction ID.

In another incident, an ex employee of PayTm cheated many of people with their money. Some PayTM users are being approached by conman offering to set up the know-your-customer details on the app.

Read – Tutorial – How To Report Bank’s Fraud Cases to CBI ?

He searched for information on PayTM users who had not logged out of their phones since he verified their account between 2016 and 2017 when he worked at the company. He used such accounts for transferring money to his own personal account. The accused cheated many users by fraudulently transferring their money to his e-wallet.

It is advised to change the password on regular interval or enable the OTP based transactions.

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