Paytm is easy to hack. Kindly understand how it can be done.
Suppose today I have an account with mobile number 123456. I have 5000rs in my wallet. After sometime I lost this SIM or Surrendered my SIM. I took a new SIM with number 999999999. In India, if the SIM is not used for 3 months or if the SIM is surrendered, the number will be discontinued for the customer who surrendered it and the same number will be freshly allocated to a new customer.
We will go by example to understand this:-
So now customer A surrendered or lost the SIM(123456) which have wallet balance of 5000rs. After few days when customer B applied for SIM he got the same number(123456). This is because mobile service providers reuse the unused numbers. Now customer B can access paytm of customer A by using "forgot password" option and can withdraw complete money from customer A wallet. When customer B uses "forgot password" option, an OTP will be sent to his mobile. His current mobile number is 123456(this is previous mobile number of customer A). With the OTP customer B can successfully login to Customer A account and can withdraw all the money of customer A. This happened to me. I lost 6000rs because of this. When this is associated with UBER app it is much easier. You don’t need to use "forgot password" option even. It gives you an option just to reauthorize the paytm account without OTP or any kind of authentication. When I lost my money I even inquired with some UBER drivers and customers. They also agreed that they have faced such situations. As I am a software developer I took time and analyzed the situation and found that hacking paytm is very simple and easy if hacker plans well.
This could be a all time biggest Hitech Scam:-
Suppose today I have gather 10 SIM that are lost or surrendered. This can be easily done in various ways regardless of the SIM numbers that a person can have. So if I carefully withdraw 100 rs from each account per week. I get 4000rs comfortably without doing any work. Sit at home and earn with brain. This is simple math.
To make it more efficient think I got the old SIM of some richest persons in India. I can lead my life luxuriously without doing anything.
If some people can build a network and starts earning this way, they can earn crores of rupees without moving from their bedroom.
Solution:-
Ask Paytm to close your account. Dont delete the app without closing the account. It is even more dangerous.
If Paytm is just deleted without closing the account, The account could be used for money laundering. This goes on your name without your notice.
Never use any app or bank accounts which uses mobile numbers as userIds for looging into their accounts. This is the highest danger of all times.