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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
In the last one year, Paytm users have lost at least Rs 10 crore to frauds. At a complete loss to stem the scams and to save face, it is now going after telcos.
Editor's note: On the phone, the former Paytm executive sounds vulnerable, a man evaluating if he should spell out what he saw happened at the company or hold back, because speaking freely could land him in trouble. “I have personally handled people who have lost more than Rs 10 lakh to these frauds,” he says finally, requesting that he not be named. “A retired gentleman lost Rs 25 lakh, all of his savings. Our initial approach was casual which is why over time this became such a massive problem with more than 500 cases every month. And we were told if a user calls saying there has been a fraud, we should just give them the bank account details to which the fraudster had transferred the money, and push the user to file a case with the police. Somehow, make the user responsible and hope for the problem to go away.” It did not. In fact, from the time it started, sometime late in 2018, today not a day goes by without a scam on Paytm. So much so that even in …
In the last one year, Paytm users have lost at least Rs 10 crore to frauds. At a complete loss to stem the scams and to save face, it is now going after telcos.
Editor's note: On the phone, the former Paytm executive sounds vulnerable, a man evaluating if he should spell out what he saw happened at the company or hold back, because speaking freely could land him in trouble. “I have personally handled people who have lost more than Rs 10 lakh to these frauds,” he says finally, requesting that he not be named. “A retired gentleman lost Rs 25 lakh, all of his savings. Our initial approach was casual which is why over time this became such a massive problem with more than 500 cases every month. And we were told if a user calls saying there has been a fraud, we should just give them the bank account details to which the fraudster had transferred the money, and push the user to file a case with the police. Somehow, make the user responsible and hope for the problem to go away.” It did not. In fact, from the time it started, sometime late in 2018, today not a day goes by without a scam on Paytm. So much so that even in …
The newly announced levy on UPI payments undermines the very foundation of using digital payments for stock market investing. Brokers are in a tizzy.
Elon Musk’s satellite internet promises a new way to get online. How will it coexist with the country's telecom giants?
A quarter with subscriber gains portends well for the telecom operator, but its underlying metrics tell a more cautious story.
The newly announced levy on UPI payments undermines the very foundation of using digital payments for stock market investing. Brokers are in a tizzy.
Elon Musk’s satellite internet promises a new way to get online. How will it coexist with the country's telecom giants?
A quarter with subscriber gains portends well for the telecom operator, but its underlying metrics tell a more cautious story.
