Thugs are disappearing after taking loan on PAN card, are you also the target? check like this

Just imagine, one day you check your credit report and suddenly you realize that there is a loan in your name for which you never applied. Without your knowledge, this debt has accrued to you and now it is your legal responsibility to repay it. This may sound like a horror movie, but it is reality. This loan fraud related to PAN card is giving sleepless nights to lakhs of people in the country today.

Actually, vicious fraudsters are taking fake loans in the name of people by using stolen PAN details. Nowadays, digital lending and instant loan apps are prevalent, where the loan is approved within a few minutes. Fraudsters take advantage of this weak verification system. Its worst impact is on the CIBIL score of the victim, he starts getting calls from the recovery agent and sometimes he even gets into legal trouble.

How do swindlers weave their web?

Fraudsters do not just use your PAN number to take loan from PAN card. They also often steal your other personal information like mobile number and date of birth through data leaks, phishing emails or fake mobile apps. By combining this information a ‘fake identity’ is created. Since many loan apps do not do very thorough investigation, fraudsters easily obtain the loan and the real owner is not even aware of it.

What to do for protection?

If you have even the slightest suspicion that your PAN may be misused, first make it a habit to check your credit report. According to a report in ‘Economic Times’, credit bureaus like TransUnion CIBIL, Experian and Equifax allow you to view your reports. If any loan account or inquiry from an unknown lender appears in your report that you do not recognize, then understand that you have been defrauded.

Take these steps immediately in case of fraud

If you find a fake loan in your report, contact the bank or lender that issued the loan without any delay. Ask them for loan documents and KYC information. immediately thereafter National Cyber ​​Crime Reporting Portal File a complaint online at (cybercrime.gov.in) and lodge an FIR with the nearby cyber cell. Also inform the credit bureaus so that your account can be marked ‘fraud’. To protect yourself, change bank account passwords and always keep transaction alerts on. Complaint made at the right time can save you from huge financial loss.