Paytm Payments Bank fights fraudsters, new counter measures safeguard user accounts

- New security alert suggests users uninstall certain apps that risk their accounts

- Leverages AI to immediately identify and block suspicious activities 

- Best in class cyber-security team to flag fraudulent notifications and alert telecom authorities, banks and cyber cells

- Periodic awareness drives being done throughout the country to educate users about fraud calls and SMSs

Kolkata, January 28, 2020: Paytm Payments Bank Limited (PPBL), India’s largest and only profitable payments bank is taking major counter measures to safeguard user accounts. The bank using the latest cybersecurity tools has introduced a host of important updates. The brand new feature analyses 'rogue' apps on user devices which might trigger fraudulent transactions and advises users to uninstall them. 

The bank is also leveraging AI to instantly detect suspicious transactions. Depending on the identified threat level of a transaction, the AI either slows it down or completely blocks the payment from getting completed. The AI has been specifically designed keeping in mind the patterns of the various scams being run by fraudsters and is, therefore, able to combat most attacks on user accounts in real-time. The feedback on the new security features has been overwhelmingly positive. 

Satish Gupta, MD & CEO of Paytm Payments Bank said, “We are putting all efforts and resources into ensuring every user transaction is safe and secure on our platform. This security feature will scan the apps installed on the user device and will pop-up a security alert whenever a dangerous app is found that may put the users’ accounts at risk. No transactions will be possible until the user uninstalls that fraudulent app. A large number of our users have welcomed this move. We have already seen cases where these features have stopped attempts to defraud our customers. We will continue to spread awareness about scams and educate our users on ways to protect themselves from such scenarios."

The bank has been continuously working to create a multi-tier security ring that will protect users from any possible frauds. The company has also built one of the largest fraud detection & prevention teams in the industry, consisting of the best cybersecurity experts. It has a dedicated team of over 200 cybersecurity experts and industry stalwarts to ensure round the clock security of every user transaction. The teams closely work with all state and central police forces and cyber-cells as well as telecom companies to detect, prevent and report fraudulent transactions for immediate action. 

PPBL customer care center also helps victims of online frauds to reach out to police, cyber cells and also other banks to try and recover the lost money. They also liaise with telecom companies to block the phone numbers used for such fake calls and check fraudulent SMS being sent to masses.

"We hope to work more extensively with telcos and banks to launch joint security features to safeguard users. By working together with them, we can stop fraudsters from sending spam messages and duping customers on call. We will continue to launch more security features for our users' protection.”, he added.

PPB has taken the lead in the fight against online fraudsters damaging the digital payments ecosystem in the country. In a series of meetings with officials from the Telecom Regulatory Authority of India (TRAI), the Ministry of Home Affairs (MHA) and CERT-in; PPB charted out and explained the various phishing and fraudulent mobile phone SMS and call scams affecting digital payment users. The bank submitted a comprehensive list of 3,500 phone numbers involved in SMS and call scams to authorities. PPB has filed an FIR against these criminals with Cyber Cell for an immediate action to stop this scam.