PAN Card (symbolic photo)
In today’s digital era, cases of fake loans through PAN card are increasing rapidly. Many people get a shock when they check their credit report and see a loan that they never took. No application was made, no money was received, yet the loan accrues in their name.
Actually, fraudsters are taking advantage of the growing trend of digital lending and instant loan apps. Weak verification system and hasty loan approval process have made the path easy for fraud. The result is that the victim has to face a bad credit score, recovery calls and legal troubles.
How does the game of fake loan from PAN work?
Fraudsters do not just work with PAN number, rather they combine many types of personal information. This includes information like Aadhaar number, mobile number, date of birth. This information is often stolen through data leaks, phishing links or fake mobile apps. After this, the fraudsters use this information to complete digital KYC. In many cases, the verification system is also cheated by using photos or videos created by AI. To get OTP, they can also get a new SIM card or hack someone else’s SIM. Then the loan is applied for on instant loan apps or fintech platforms. As soon as the money is received, it is immediately transferred to other accounts. The burden of debt falls on the real person.
Check loan on credit report
To avoid any fraud, it is important that you keep checking your credit report from time to time. For this you can use websites like TransUnion CIBIL, Experian, Equifax and CRIF High Mark. If the report shows any loan that you did not take, or any unknown bank enquiry, it could be a red flag.
What to do if you get a fake loan
If you see a fake loan in your report, it is important to take immediate action. First of all contact that lender and lodge a fraud complaint. Ask them for all the documents related to that loan, KYC details and money transfer information. After this, lodge a complaint on the National Cyber Crime Portal and lodge an FIR in your nearest police station or cyber cell. Also, inform the credit bureau and get that account marked as fraud. Apart from this, secure all your bank accounts and passwords, change the passwords and turn on necessary alerts so that no further misuse can occur.
Prevention is the best solution
To avoid this type of fraud, it is important that you share your PAN and other KYC details thoughtfully. Stay away from unknown websites and apps. Use a masked version of Aadhaar and keep an eye on your credit profile. If something like this happens to you, immediately file a complaint on 1930 helpline, cyber crime portal, RBI’s Sachet platform and income tax portal. Damage can be reduced by taking action in the first 24 hours.
