Paytm urges telecom operators to act fast to counter the menace of online frauds

Telecom frauds have been plaguing industry for a long time w. re are several suggestions being made by experts on how to prevent se from happening. According to a Paytm Payments Bank employee, telecom companies should implement stringent preventive measures to counter menace of online frauds executed through spam SMS messs and calls. Recently, Paytm Payments Bank also filed a complaint against such online fraudsters.

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‘Telecom players should act fast to counter online frauds’ – Jatinder Thakar

In an interaction with media recently, Senior Vice President of Paytm Payments Bank, Jatinder Thakar said how it is high time and that telecom players should act fast to counter menace of online frauds. Paytm Payments bank also mentioned how y are working closely with Telecom Regulatory Authority of India, Reserve Bank of India, Ministry of Electronics and Information Techlogy, or leading banks and telecom operators to ensure that fraudsters do t dupe customers.

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According to a statement made by Paytm Payments Bank, weakest link to all cyber fraud is a telecom operator that does t take action on fraudulent us of telecom resources. y also mentioned how fraudsters are continuing to use telecom platforms to spam millions of users with phishing and or such fraudulent SMS messs and calls. Jatinder Thakar also said that even if 0.01 per cent of base gets defrauded, number is huge and loss of hard-earned money of se victims.

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lapses in ‘Kw Your Business’ process and limited Paytm KYC and or KYC processes lets fraudsters take advant of bulk SMS facility provided by telecom operators. Moreover, fraudsters are also capable of targeting most of users who have ir numbers registered in TRAI’s ‘Do t Disturb (DND)’ lists. According to Paytm Payments Bank, lack of a rigid system for blocking issuance of SIM cards is ar significant issue. Even though mobile numbers are identified, caught and blocked, fraudster can simply start afresh by issuing mselves a new SIM card.

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What should be done to avoid Paytm Fraud and Online Fraud?

In proposed solution that Paytm Payments Bank suggested, first step should be making telecom rules stringent and t issuing BULK SMS and or features to such fraudsters. Furr ahead, if a customer or a bank files a complaint against fraudulent messs or calls, telecom operators should be able to block such fraudsters immediately and provide ir details to law enforcement authorities for taking action. Paytm Payments Bank is taking all possible measures to safeguard users accounts including use of latest cybersecurity tools, Artificial intelligence with latest updates.

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