Telecom frauds have been plaguing the industry for a long time now. There are several suggestions being made by experts on how to prevent these from happening. According to a Paytm Payments Bank employee, telecom companies should implement stringent preventive measures to counter the menace of online frauds executed through spam SMS messages and calls. Recently, the Paytm Payments Bank also filed a complaint against such online fraudsters.
In an interaction with the media recently, Senior Vice President of Paytm Payments Bank, Jatinder Thakar said how it is high time and that the telecom players should act fast to counter the menace of online frauds. Paytm Payments bank also mentioned how they are working closely with the Telecom Regulatory Authority of India, Reserve Bank of India, Ministry of Electronics and Information Technology, other leading banks and telecom operators to ensure that fraudsters do not dupe customers.
According to a statement made by Paytm Payments Bank, the weakest link to all cyber fraud is a telecom operator that does not take action on fraudulent usage of telecom resources. They also mentioned how fraudsters are continuing to use the telecom platforms to spam millions of users with phishing and other such fraudulent SMS messages and calls. Jatinder Thakar also said that even if 0.01 per cent of the base gets defrauded, the number is huge and loss of hard-earned money of these victims.
The lapses in ‘Know Your Business’ process and the limited Paytm KYC and other KYC processes lets the fraudsters take advantage of the bulk SMS facility provided by telecom operators. Moreover, fraudsters are also capable of targeting most of the users who have their numbers registered in the TRAI’s ‘Do Not Disturb (DND)’ lists. According to Paytm Payments Bank, the lack of a rigid system for blocking the issuance of SIM cards is another significant issue. Even though mobile numbers are identified, caught and blocked, the fraudster can simply start afresh by issuing themselves a new SIM card.
In the proposed solution that Paytm Payments Bank suggested, the first step should be making the telecom rules stringent and not issuing BULK SMS and other features to such fraudsters. Further ahead, if a customer or a bank files a complaint against fraudulent messages or calls, the telecom operators should be able to block such fraudsters immediately and provide their details to law enforcement authorities for taking action. Paytm Payments Bank is taking all the possible measures to safeguard users accounts including the use of the latest cybersecurity tools, Artificial intelligence with the latest updates.