And their customer service is shameful. IDK how they are allowed to operate as a psuedo-bank financial service yet provide zero (I REPEAT BIG ZERO) when it comes to customer service. Mobikwik guys cannot even speak English properly.
Mobikwik does not even need a OTP to send money. Just login on APP with mobile number password and send money. I hope they atleast implement it now. Shameful really...
Modus operandi on LBC seems to be
1. Fraudster hacks unsuspecting user's PayTM/Mobikwik account.
2. Fraudster goes to LBC and finds users selling BTC for these APP wallet trades.
3. Places trade and transfers money to seller's wallet app.
4. BTC is released.
This is repeated quickly even 3-4 times a day if these fraudsters can.
In 2 or 3 days, the wallet's actual user finds out the balance is missing and makes a complaint with the wallet app.
Their immediate response is to completely block the all accounts to which money has been sent.
So basically you have sent BTC but now your wallet which received money is stuck as blocked, and there is no way to unblock it (well, you literally have to spend hours for this, send them ID proof/bank statement/ blah blah so it is a complete PIA and still no guarantee that it will be unlocked)
TIPS: If you really have to trade via this, make sure it is from a very reputable user having 100's of trades and to be completely safe, take a bank account statement of the person who sent you money. The bank account statement should show the transactions which added money to their PayTM or other wallet apps