PAN Card Fraud: Digital banking and online loan access are rapidly expanding in India. But with this, cases of fraud are also increasing. Sometimes, a person's PAN card is misused, and a loan is taken in their name without their knowledge. Later, when they apply for a loan or credit card, they face problems. Now, to prevent this from happening to you, it's important to keep a few things in mind. Let's explore these:

Why is PAN so important?
PAN (Permanent Account Number) is linked to all your major financial transactions. Personal loans, home loans, credit cards—everything is linked to your PAN. If someone misuses your PAN to obtain a loan, it will appear on your credit report. This could damage your CIBIL score and make it difficult to obtain a loan in the future.

How to check if you have a loan in your name?
First, download your credit report. You can download a free credit report once a year from the websites of RBI-authorized agencies like TransUnion, CIBIL, Experian, Equifax, and CRIF High Mark.

Carefully review the 'Account Information' or 'Loan Details' section of the report. If you see a loan or credit card that you didn't take, be immediately alert. An unknown bank or NBFC name, a sudden large loan amount, or an uninformed credit inquiry could be a sign of fraud.

Keep an eye on fintech apps.
These days, apps like CRED, Paytm, and Google Pay display loan and credit card information linked to your PAN. Keep alerts on these apps to be immediately alerted to any suspicious activity.

Check your bank statements too.
Review your bank statements carefully every month. If EMIs are being deducted without your knowledge or any unknown transactions appear, contact your bank immediately.

What to do if you suspect fraud?
If you see a fraudulent loan in your name, contact the relevant lender immediately. Also, visit the credit bureau's website and file a complaint. You can also file a complaint on the National Cyber ​​Crime Portal at cybercrime.gov.in or call the helpline at 1930.

Be vigilant, check your credit report regularly, and don't share your personal information with anyone. A little caution can save you from significant losses.

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