Paytm Payments Bank has introduced a new feature to protect users from online scams. The new feature looks for ‘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 company said.
“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,” said Satish Gupta, MD & CEO of Paytm Payments Bank.
The company claims to have also built one of the largest fraud detection and prevention teams in the industry. It has a dedicated team of over 200 cybersecurity experts and industry stalwarts to ensure round the clock security of every user transaction.
“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.
The company also claimed to have submitted a list of 3,500 phone numbers involved in SMS and call scams to authorities. It has filed an FIR against these criminals with Cyber Cell for an immediate action to stop this scam.