PAN Card: Beware! If your PAN card is leaked, you could become a defaulter even without taking a loan:
In today’s digital age, your PAN card is no longer just a tax document. It’s essential for every financial transaction, from opening a bank account to taking out a loan and investing. But did you know that this very convenience can also become a source of trouble? Recently, there has been a surge in PAN card fraud cases, with people falling into debt traps without even knowing it.
How is the net laid?
Cybercriminals operate in a very cunning manner. They often obtain your PAN number and other personal information through data leaks, unsafe websites, or tempting phishing links. Then, fraudsters use your PAN number to obtain loans from online loan apps or platforms that require minimal documentation. The digital KYC process on many online platforms is so fast that criminals easily obtain loans using fake identities. Surprisingly, the real owner remains unaware of this.
When your credit score drops, you wake up.
The most dangerous aspect of PAN fraud is that it’s not immediately detected. While bank frauds often result in instantaneous notifications, PAN frauds often operate in the background. When fraudsters take loans and don’t repay EMIs, your CIBIL report begins to suffer.
People often discover this deception when:
* They themselves apply for a loan or credit card and the bank rejects them calling them ‘defaulters’.
* Their credit score drops suddenly and without any reason.
* Phone calls from recovery agents start coming.
What to do for protection?
Experts say that vigilance is the only defense. To keep your PAN card safe, keep these things in mind:
1. Regularly check your credit report: Check your credit report every 3-4 months to see if there are any loan accounts that you didn’t take out.
2. Keep the documents safe: Before giving the photocopy of PAN card anywhere, make sure to write the purpose (e.g. “Only for KYC at XYZ Bank”) on it and sign it.
3. Avoid unsafe apps: Do not upload your personal information or documents on any unknown app.
What to do if you become a victim?
If you discover that a fraudulent loan has been taken out in your name, immediately file a written complaint with the relevant bank or NBFC. Also, dispute the entry on a credit bureau website like CIBIL. Also, file a complaint with the National Cyber Crime Portal (1930) to ensure you are legally protected.
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