FASTag smartwatch scam: NPCI, Paytm rubbish claims, call viral video ‘fake’
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Over the alleged ‘FASTag smartwatch scam', the NPCI, which oversees retail payments system in India, called the claims “baseless”. No transaction can be carried out through open internet connectivity, it said.
In a clarification to a viral video on the internet alleging a ‘FASTag smartwatch scam', National Payments Corporation of India (NPCI) and Paytm have said that it is “fake”. The video questioned the safety of the FASTag system. In the viral clip, a child can be seen looking to scan FASTag with a smartwatch while cleaning the windshield of a car. The kid flees when a person in the car questions him about the watch. It was claimed in the video by the driver that the child was trying to siphon off the balance in the FASTag card through the smartwatch. It also claimed that it is a new scam, where fraudsters have provided smartwatches equipped with scanners to kids, who beg.
A video is spreading misinformation about Paytm FASTag that incorrectly shows a smartwatch scanning FASTag. As per NETC guidelines, FASTag payments can be initiated only by authorised merchants, onboarded after multiple rounds of testing. Paytm FASTag is completely safe & secure. pic.twitter.com/BmXhq07HrS
— Paytm (@Paytm) June 25, 2022
On Twitter, Paytm said, “A video is spreading misinformation about Paytm FASTag that incorrectly shows a smartwatch scanning FASTag. As per NETC guidelines, FASTag payments can be initiated only by authorised merchants, onboarded after multiple rounds of testing. Paytm FASTag is completely safe & secure.”
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In a statement, the NPCI, which oversees retail payments system in India, called the claims “baseless”. No transaction can be carried out through open internet connectivity, it said.
Please note that there are baseless and false videos circulating on Social media. Do understand the below points:
— FASTag NETC (@FASTag_NETC) June 25, 2022
1. No transactions can be executed through open internet connectivity. pic.twitter.com/AKqvcpVE1z
The National Electronic Toll Collection (NETC) FASTag Ecosystem has been built on a four-party model. It includes Acquirer Bank, NPCI, Issuer Bank and Toll Plazas. There are numerous layers of security protocols to ensure the end-to-end safe processing of transactions, it added.