The Times of India has launched a new weekday feature called 'Hack of the Day,' aimed at providing quick and practical solutions to everyday problems. This series focuses on simple fixes that save time, money, and stress by leveraging readily available tools like government websites and common apps. The core philosophy is simple fixes for smarter living.
Why Your PAN Card is a Prime Target for Fraudsters
Your Permanent Account Number (PAN) card serves as the primary identifier for all your financial transactions within India. Banks, Non-Banking Financial Companies (NBFCs), and digital lenders rely on this number to approve loans and credit cards. Unfortunately, this makes it a valuable target for criminals. Fraudsters can misuse your PAN details to obtain loans without your knowledge or consent, leading to severe financial and legal repercussions for the victim.
Conducting regular checks for unfamiliar loans linked to your PAN is a critical defensive habit. This proactive monitoring offers several key benefits. It provides robust protection against identity theft, allows for the early detection of fraudulent loans before they spiral out of control, and is essential for effective credit score management. A sudden, unexplained drop in your credit score can often be the first sign of such fraud.
A Step-by-Step Guide to Securing Your Financial Identity
Here is a detailed, five-step process you can follow to ensure no unauthorized loans are associated with your PAN card.
Step 1: Obtain Your Comprehensive Credit Report
The most reliable method to uncover all loans linked to your PAN is through your official credit report. Every loan or credit card issued in your name is meticulously recorded in this document. You can access it by visiting the websites of official credit bureaus in India: CIBIL, Experian, Equifax, and CRIF High Mark. You will need to provide your PAN card number and some basic personal details. Crucially, each bureau is mandated to provide one free full credit report per year, so you can space out your requests for continuous monitoring.
When you review the report, scrutinize the list of all active loans and credit cards. Pay close attention to the loan amounts, the names of the lenders, and the repayment status. Any account or lender you do not recognize should be treated as a potential red flag for fraudulent activity.
Step 2: Leverage Fintech Applications for Instant Monitoring
For more convenient and frequent tracking, you can use popular fintech apps like OneScore, Paytm, and Cred. These applications pull data directly from the credit bureaus and present it in a user-friendly, simplified dashboard on your mobile phone. The advantages are significant: they offer easy mobile access, send instant alerts for any new loan or credit activity on your profile, and often provide free monthly credit score tracking, making regular oversight effortless.
Step 3: Cross-Verify with DigiLocker and CKYC Records
Another powerful government tool at your disposal is DigiLocker. You can use it to access your Central KYC (CKYC) records, which store details of financial accounts linked to your PAN. Reviewing this information provides an additional layer of verification and can help confirm whether any accounts or loans were opened without your explicit consent.
Step 4: Identify the Key Red Flags
While examining your credit report or app dashboard, be vigilant for specific warning signs. These include loans from financial institutions or lenders you have never approached, accounts that were opened in cities where you have never resided or conducted business, and any sudden, unexplained dips in your credit score. These are strong indicators that your identity may have been compromised.
Step 5: Implement Proactive Protection Measures
Prevention is always better than cure. To shield your PAN from future fraud, adopt these security practices. Never share your PAN details on unsecured websites or with unknown agents over the phone or email. Make it a habit to monitor your credit report at least twice a year, using the free reports strategically. Furthermore, contact your bank to enable SMS and email alerts for any loan approvals or large transactions on your accounts. This creates an immediate notification system for suspicious activity.
Empowering Financial Safety Through Awareness
In an era of increasing digital finance, taking charge of your financial identity is non-negotiable. The tools and processes outlined in this guide, championed by initiatives like TOI's Hack of the Day, are readily available to every Indian citizen. By dedicating a small amount of time to regular checks using credit bureaus, fintech apps, and DigiLocker, you can build a formidable defense against loan fraud. This proactive approach not only secures your present finances but also safeguards your future creditworthiness, ensuring that your financial profile remains solely in your control.
About the Author: The TOI Tech Desk is a dedicated team of journalists committed to delivering the latest and most relevant news from the world of technology. Their coverage spans gadget launches, reviews, trends, in-depth analysis, exclusive reports, and breaking stories impacting the digital universe, including AI, cybersecurity, personal gadgets, and major platforms.
