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<ul><li>The government has warned about a new way <keyword id="19962622" type="General" weightage="20" keywordseo="scammers" source="keywords">scammers</keyword> are trying to obtain <keyword id="20189059" type="General" weightage="20" keywordseo="personal-information" source="keywords">personal information</keyword>.</li><li>Users have reportedly received an SMS asking them to update their PAN to unblock their <keyword id="20417750" type="General" weightage="20" keywordseo="bank-account" source="keywords">bank account</keyword>.</li><li>Here's everything you need to know about the <keyword id="22918614" type="General" weightage="100" keywordseo="fake-PAN-SMS" source="keywords">fake PAN SMS</keyword> and how to stay safe.</li></ul>Increased usage of the internet has also resulted in an increase in <keyword id="20025584" type="General" weightage="20" keywordseo="online-fraud" source="keywords">online fraud</keyword>. Scammers are finding new ways to fool people and steal from them. A new method has now been revealed, which preys on users with an account in <keyword id="19985316" type="General" weightage="20" keywordseo="India-Post-Payments-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="India Post Payments Bank" meta.hostid="261" meta.entityid="India Post Payments Bank">India Post Payments Bank</keyword>. According to a post by PIB Fact Check, several users have received an SMS which claims to be from India Post Payments Bank. However, the message is fake and is an attempt to steal user data. “This claim is #Fake. @IndiaPostOffice never sends any such messages. Never share your personal &amp; bank details with anyone,” PIB Fact Check said in its post on X. <div type="twitter" handle="PIBFactCheck" handlename="PIBFactCheck" favoritecount="0" retweetcount="0" id="1825494609881170290"></div> <h2>What is the fake PAN SMS?</h2> In the SMS, the user is warned that their India Post Payments Bank account has been blocked. It then asks the users to update their PAN to get their account unblocked. The user is then given a link, asking them to click on the link to update their PAN. <div type="Article" hostid="261" msid="111512587" title="Jio vs Airtel vs Vi recharge plans comparison – plan benefits and price comparison after tariff hike" mstype="2" mssubtype="0"></div> The link then redirects the user to a <keyword id="20182216" type="General" weightage="20" keywordseo="phishing" source="keywords">phishing</keyword> page, aimed at stealing user data such as their bank account login details to gain access to their account. Once you enter your bank account login details, they will be sent to the scammer. <h2>What is phishing?</h2>Phishing is a cyber-attack where attackers impersonate legitimate organisations or individuals to trick people into revealing sensitive information like passwords or credit card details. This is usually done through deceptive emails, messages, or fake websites. <h2>How to stay safe from phishing attacks?</h2>Here are some ways you can identify phishing attacks and stay safe: <ul><li>Verify the sender: Check the sender’s email address or phone number carefully. Phishers often use addresses that look similar to legitimate ones but have small differences.</li><li>Look for red flags: Be wary of unexpected messages, especially those requesting sensitive information or containing urgent or threatening language.</li><li>Verify before opening: Only open attachments from trusted sources. Phishing emails often contain malware disguised as legitimate files.</li><li>Add two-factor authentication: Enable two-factor authentication on your accounts. This adds an additional layer of security even if your password is compromised.</li><li>Contact directly: If you receive a request for sensitive information, verify the request by contacting the organisation directly through known and trusted channels.</li><li>Report phishing attempts: Report phishing emails to your email provider or the relevant authorities. This helps in tracking and stopping phishing schemes.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a> <a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9s-pro-vs-moto-edge-50-fusion-which-is-the-best-smartphone-under-25000/slidelist/112703633.cms">iQOO Z9s Pro vs Moto Edge 50 Fusion – which is the best smartphone under ₹25,000?</a>

Govt warns about fake SMS asking users to update their PAN – what it is and how to stay safe

Mumbai, <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> on Friday said NPCI has been asked to examine the possibility of it becoming a third party application provider for continued <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> operations of the Paytm app. The central bank has barred <keyword id="19907220" type="General" weightage="20" keywordseo="paytm-payments-bank" source="keywords">Paytm Payments Bank</keyword> from accepting further credits into its customer accounts and wallets after March 15, 2024. With an aim to ensure seamless digital payments by UPI customers using '@paytm' handle operated by the Paytm Payments Bank, <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> said it has asked the <keyword id="19907219" type="General" weightage="20" keywordseo="national-payments-corporation-of-india" source="keywords">National Payments Corporation of India</keyword> (NPCI) to examine the request to become a Third-Party Application Provider (TPAP) for UPI channel for continued UPI operation of the Paytm app. The request has been made by One97 Communication Ltd (OCL), which owns the Paytm brand, RBI said in a statement. For seamless migration of '@paytm' handle to other banks, the Reserve Bank of India (RBI) said NPCI may facilitate certification of 4-5 banks as Payment Service Provider (PSP) Banks with demonstrated capabilities to process high volume UPI transactions.

Reserve Bank asks NPCI to help continue operations of Paytm app

Mumbai, <keyword id="19969771" type="General" weightage="20" keywordseo="crypto" source="keywords">Crypto</keyword> currencies cannot be referred to as "currencies" as they have no underlying value, a central bank official said. The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) has been critical of new-age currencies like bitcoins, saying they pose systemic risk to the financial systems. "Crypto currencies cannot be called currencies as they don't have any underlying value," P <keyword id="19944928" type="General" weightage="20" keywordseo="vasudevan" source="keywords">Vasudevan</keyword>, an executive director at the RBI, said during a panel discussion organised by IIM-Kozhikode here. Ultimately it is a call that the government has to take on how to tackle crypto currencies, the official said. Currently, bitcoins have no legal backing in India and investors have to pay a tax on the income earned by trading in them. In the backdrop of the action against <keyword id="19907220" type="General" weightage="20" keywordseo="paytm-payments-bank" source="keywords">Paytm Payments Bank</keyword> and curbs imposed on some international card providers, Vasudevan said self-regulation can protect the fintech sector better. He also said that mechanisms could be looked at to highlight bad behaviour.

Crypto currencies have no underlying value, says RBI official

Mumbai, <keyword id="3526030" type="General" weightage="20" keywordseo="fino-payments-bank" source="Orion">Fino Payments Bank</keyword> is keen to become a <keyword id="6382595" type="General" weightage="20" keywordseo="small-finance-bank" source="Orion">small finance bank</keyword> after having completed five years of operations, Managing Director <keyword id="1336488" type="General" weightage="50" keywordseo="rishi-gupta" source="Orion">Rishi Gupta</keyword> said. The Navi Mumbai-based company is a subsidiary of Fino Paytech, which is backed by marquee investors such as Bharat Petroleum, ICICI Group, Blackstone, IFC, Intel and LIC, among others. The company started operations in July 2017 with 410 branches to become the fourth payments bank after <keyword id="6385180" type="General" weightage="20" keywordseo="airtel-payments-bank" source="Orion">Airtel Payments Bank</keyword>, <keyword id="3388668" type="General" weightage="20" keywordseo="india-post-payments-bank" source="Orion">India Post Payments Bank</keyword> and <keyword id="3236791" type="General" weightage="20" keywordseo="paytm-payments-bank" source="Orion">Paytm Payments Bank</keyword>. Fino, which was a remittance service provider, has converted most of its Fino Money Mart outlets into bank branches after getting licence from the Reserve Bank. Also, Fino is the only lender in this space being traded on the exchanges. "From regulatory and compliance perspectives we are eligible for an upgrade to a small finance bank, having completed the mandatory five years of operations. Our board also favours such a conversion and soon we'll be moving an application with the RBI in this regard," Gupta told PTI. On why to stop at small finance bank, and not a full service bank, Gupta said, the company is too small to directly convert to a full service commercial bank from capital and capabilities perspectives. He said, till the upgrade happens, the bank will grow the business with a focus on tie-ups with fintechs under the Fino 2.0 initiative on building digital assets and strengthen the digital offerings. Already, it has tied up with the Sequoia Capital-backed Hubble to offer a spending account, offering customers better value on their lifestyle spends. People can park their funds, spend and save up to 10 per cent on all purchases made from the account. "We're looking at more such tie-ups in the fintech space," Gupta said, adding the company is also tying up with NBFCs from retail lending as payments partner and such loan remains on the book of the NBFC. "We've already tied up with two such shadow banks-Kredbee and Myshublaon," he said. In Q4FY23, its revenue rose 13 per cent to Rs 323 crore and net income jumped 25 per cent to Rs 22 crore with net margin rising to 6.8 per cent from 6.2 per cent. Its deposits grew 66 per cent to Rs 1,200 crore in FY23 from Rs 724 crore in FY22 of which 20 per cent are the low-cost Casa deposits. Gupta said the bank has been adding 2.5 lakh customers monthly on an average in FY24, taking the overall customer base to 71 lakh now. Another new service they began is offering recurring deposits, he said, adding the bank is also working on launching a virtual debit card. Also, under the pipeline is gold loans, mutual funds and medical insurance, Gupta said.

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Govt warns about fake SMS asking users to update their PAN – what it is and how to stay safe

Sourabh Jain

Reserve Bank asks NPCI to help continue operations of Paytm app

PTI

Crypto currencies have no underlying value, says RBI official

PTI

Fino Payments Bank has its eyes set on becoming a small finance bank

PTI

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