The feature will also advise the user to uninstall such apps.
Paytm Payments Bank Limited (PPBL)
Paytm Payments Bank Limited (PPBL) has brought a new feature. It will analyze such apps on the user’s phone, which have the possibility of fraudulent transactions. In addition, the feature will also advise the user to uninstall such apps. PPB’s feature uses Artificial Intelligence to quickly identify and block suspicious activities and also make users aware of fraud calls and SMS.
PPBL said in a statement that the bank is taking many measures to keep user accounts safe. The bank is using new cyber security tools and is bringing important updates. The bank’s new feature identifies apps that can be faked on the user’s device and advises them to uninstall these apps.
Will alert on receiving suspicious app
Satish Gupta, MD & CEO of PPBL said that the bank is using all efforts and resources to ensure that every transaction of the user is safe through Paytm Payments Bank. This security feature will scan the application on the user’s device. If any such app is found by which the bank account of the user is in danger then he will give a security alert. Until the user uninstalls that fraud app, there will be no transaction with Paytm Payments Bank.
Gupta further said that such cases have come in front of PPBL when this feature has prevented fraud with customers. We will keep our customers aware of fraudulent activities and will tell them the way to avoid it. The statement also said that PPBL is also taking the help of AI to quickly find out suspicious transactions.
Cash will be available from the neighborhood grocery store, this is how the feature will work
AI specially designed
According to the statement, depending on the danger level present on the transaction, the AI will either slow down the transaction or block it before the payment is completed. AI has been specially designed keeping in mind the patterns of various scams performed by the fraudsters. It is capable of stopping most of the attacks on the user’s accounts in real time.
Source – Financial Express