This has come to my notice, that a possible customer data leakage must have happened or is ongoing on PayTM. Customers who apply for loan on the paytm app & received the loan amount in their bank account are surprisingly receiving calls from some fictitious finance companies who are offering loan refinance against the loan taken from paytm.
Loan refinance is a scheme offered where the fictitious finance company will pay off the loan amount taken by the customer from paytm & shall offer the same loan amount to the customer at a much lower interest rate.
Example - If your loan amount on paytm is Rs 10,000 & interest is Rs 2000, you agree to pay emi of Rs 1000 for 12 months. However the fictitious finance company will tell you that, since you have not yet paid the first installment, the company will pay off the loan you have with paytm & offer you the same loan of Rs 10,000 with interest of Rs 1000 lowering your emi to Rs 917.
The caller from the fictitious finance company has all information about the customer's profile & loan details, thus the caller appears legitimate to most victims. The caller get's the victim to download an apk file & during the signup takes all permission of the phone of the unsuspecting victim.
With this, the phone & data on the phone of the victim has got compromised as there is no guarantee of safety of any app, if the same is not verified by google play. The apk could steal all data in the phone or spy on the unsuspecting victim.
The app of the fictitious loan company also shows two fake digital documents, one being proof of settlement of the loan with paytm & the other being the new loan agreement with the fictitious finance company.
The caller from the fictitious finance company will also get the upi mandate done to auto debit the victim bank account on the pretext of a fake loan every month.
As time passes & the first emi is due, paytm would deduct the money from the customer & then the customer realizes of the scam. Upon asking paytm about the loan refinance & settlement of the loan with paytm by some fictitious finance company, paytm shall clearly deny any such settlement & would ask for payment against the loan.
With this, if you remove all balance from your account to get rid of the auto-debit upi mandate you have approved with the fictitious finance company, you will start receiving calls, messages & harassment.
If you try to ignore the calls & messages from the fictitious finance company & don't pay them, they will start to blackmail stating they have all the contact info, private conversations, photos & the same shall be leaked online which then becomes an extortion!
The entire matter appears to be a large-scale criminal conspiracy to extort money. Question raises as to how & what link does the fictitious finance company has with paytm as in the modus operandi of the crime, the accuracy of the data of the customer available with the fraudsters is 100% accurate.
It's suspected either paytm or it's internal staff is leaking the customer data to cyber criminals or may be paytm has been hacked & data of customer has been stolen which paytm is unaware of. It's a matter of investigation to uncover the crime & criminals
If you have fallen victim to this scam, immediately delete the apk you have installed on your phone, do a factory reset of your phone to ensure no hacking of your phone & personal data. Also broadcast a message among your contacts that your phone was hacked by some cyber criminals & you are being blackmailed for money, thus they should ignore any calls, messages & social media posts relating to the incident. Also, go ahead & report it to the competent authority.
THIS VIDEO IS RELEASED IN PUBLIC INTEREST, IN GOOD FAITH, TO CREATE AWARENESS AMONG THE PEOPLE, TO SAVE PEOPLE FROM FALLING VICTIM TO THE SCAM.
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