Scam video of FASTag smartwatch: NPCI, Paytm call it fake

In response to a viral video suggesting a ‘FASTag wristwatch fraud,’ the National Payments Corporation of India (NPCI) and Paytm have stated that it is ‘false’. The video questioned the FASTag system’s safety into doubt.

In the popular video, a youngster is seen scanning FASTag with a wristwatch while wiping the windshield of a car. When someone in the car queries him about the watch, the child runs. The driver stated in the video that the youngster was attempting to drain out the amount on the FASTag card using the smartwatch. It further alleged that it is a new scam in which scammers provide smartwatches with scanners to children 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

‘A video is spreading disinformation regarding Paytm FASTag that wrongly displays a wristwatch detecting FASTag,’ Paytm stated on Twitter. FASTag payments may only be launched by authorized merchants that have passed many rounds of testing, according to NETC rules. Paytm FASTag is entirely safe and secure’.

Please note that there are baseless and false videos circulating on Social media. Do understand the below points:

1. No transactions can be executed through open internet connectivity. pic.twitter.com/AKqvcpVE1z

— FASTag NETC (@FASTag_NETC) June 25, 2022

The NPCI, which regulates India’s retail payment system, branded the assertion ‘baseless’ in a statement. It said that no transaction could be completed using open internet access. The FASTag Ecosystem of the National Electronic Toll Collection (NETC) is based on a four-party paradigm. Acquirer Bank, NPCI, Issuer Bank, and Toll Plazas are all part of it. It went on to say that there are multiple levels of security processes in place to ensure the secure processing of transactions from beginning to end.