Paytm Payments Bank Ltd has added a new feature to trace apps on user devices that may trigger fraudulent transactions and advises users to uninstall such apps.
For identification and to block suspicious activities, PPBL is using leveraging AI to instantly detect suspicious transactions and is running periodic awareness drives throughout the country to educate users about fraud calls and SMSes. PPBL MD and CEO Satish Gupta said that the bank is putting all efforts and resources to ensure the safety and security of transactions on its platform.
"Our 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 allowed until the user uninstalls that fraudulent app," said Satish Gupta.
PPBL has already seen cases where these features have stopped attempts to defraud customers.
"We will continue to spread awareness about scams and educate our users on ways to protect themselves from such scenarios," he added.
The statement added, "Depending on the identified threat level of a transaction, the AI either slows it down or completely blocks the payment from getting completed. The AI has been specifically designed keeping in mind the patterns of the varied scams being run by fraudsters and is, therefore, able to combat most attacks on user accounts in real-time.”
The bank has a dedicated team of over 200 cybersecurity experts that work with all State and Central police forces and cyber cells to ensure 24X7 security of every user transaction. The team works to detect, prevent and report fraudulent transactions for immediate action.