Thread on @Paytm's case against phishing fraud: I'm representing Paytm in a case that seeks to protect its customers from phishing. Phishing's a type of fraud, the fraudster deceives customers into sharing sensitive bank details in response to a fraudulent text or phone call. 1/n
The legal regime is clear. The TCCCPR 2018 regulation, says it's Telcos that carry the responsibility to prevent & punish phishing, it's they who issue the bulk sim cards & deceptive headers & SMS content (eg VM-VPYATM at top of the text message) that enables fraudsters. 2/n
The law also tells us how to stop these frauds. TCCCPR orders that Distributed Ledger Technology - a Blockchain system to remove spam & fraud - be established, so that Telcos, customers like Paytm and digital marketers are on the same page to clean the system. 3/n
Paytm has diligently brought all complaints to Telcos and government bodies to act, with limited response. In addition, @Paytm is using AI & other technology to do all it can to protect its customers. 4/n
For instance, Paytm is the first payments app to implement screen blackout functionality to prevent Remote Desktop Fraud & blacks out transaction initiation screens if the screen is being shared through leading screen sharing apps. This has reduced frauds to a large extent. 5/n
The pipes though, access by fraudsters, knowledge of their identity, are in the hands of Telcos. Customers of other banks & payment companies are also facing fraud. @Paytm's the first company moving for the legal regime & blockchain architecture to be implemented by Telcos. 6/n
An article by a digital publisher called The Morning Context on the case makes zero mention of the relevant law and is riddled with errors & false assumptions. For instance, Paytm blocks fraudsters *immediately* after a customer reports even an attempt. 7/n
On refunds on phishing frauds, @Paytm recovers all the funds of defrauded customers that it can once any phishing frauds are reported. Even if funds can't be recovered, refunds are disbursed following RBI guidelines on Limitation of Liability. 8/n
We seek in our petition to have the legal regime implemented, this will provide Paytm customers protection primarily, but phishing fraud is a problem across the financial and other industries and it will give protection and effective redressal to all customers. 9/n
The Petition and some of its contents have been summarised here because the case was being reported on without - admittedly- reading the Petition or the relevant law. 10/n
Here is @barandbench's report on the first hearing, it has a copy of the Writ Petition. 11/n
