Is Paytm safe?

Paytm is in the news nowadays. A lot. But as the use of the app grows, there are also questions about its safety. The company has taken to a blog to explain its safety features. Is Paytm safe to use? Does it expose the number of users to stalkers? Paytm has tried to answer all of these questions. Here is what the company says:

1. Paytm says that it works in accordance with PCI DSS which is a registered information security standard for companies that deal with branded credit cards from the major card schemes like Visa, MasterCard or American Express. It also Paytm claims that it never stores the CVV number of a credit or debit card to ensure the safety of card details. "All financial transactions on Paytm are done with 128-bit encryption SSL security. We also engage in real time monitoring and transaction engine to weed out suspicious transactions and ensure the customer's money is always secure," company states in its blog.

2. Can someone who has access to a phone steal money from the Paytm wallet that is on that phone?

Paytm says it has an app password feature that ensures the money is safe even if users lose or misplace phones. To set this password, company says that users should got go to the phone's Settings > Security > Screen Lock > Choose Screen Lock. You can select Pin, Password, Pattern or Fingerprint to protect your phone. Now open the Paytm app and click on Pay or Passbook. User will be prompted to enable the feature. Click on Add Security Feature. You will be asked to reconfirm your phone's password depending on what the selected default protection. Once confirmed, the  new app password is now set.

3. Paytm also says that it reveals only a part of our mobile number to the recipient to ensure that our number is not exposed to any potential stalker. "Only the first two and the last three digits of your mobile number would appear in the recipient's Paytm Passbook. This not only guarantees our customers full security against any fraud, but also protects them from possible harassment and spam calls, " says Paytm.

Source : IndiaToday