5 tips to prevent PAN card fraud

PAN card fraud is a significant concern in India, with fraudsters using stolen PAN card details for identity theft, fraudulent bank accounts, and loans. To protect yourself from this growing threat, it is crucial to be vigilant and take proactive measures. Here are five essential tips to help you safeguard your PAN card information and prevent fraud.

1. Keep your PAN card information secure

Protecting your PAN card details from unauthorized access is the first step in preventing fraud. Here’s how you can ensure its safety:

• Limit sharing: Only share your PAN card information with authorized entities like banks, financial institutions, and government agencies. Avoid posting your PAN card details on social media or unverified websites.
• Verify requests: Always verify the legitimacy of any request for your PAN card details. Do not provide information over the phone or email unless you are certain the request is genuine. Be wary of phishing emails or calls from fraudsters posing as officials.
• Attest copies: When submitting photocopies of your PAN card, always self-attest them with the date and purpose of submission. This practice helps prevent misuse.

2. Monitor your financial accounts and credit score

Regular monitoring of your financial accounts and credit score can help you detect and address any suspicious activity early. Follow these steps to stay informed:

• Review financial statements: Regularly check your bank and credit card statements for unauthorized transactions. Look for any unexpected changes in account balances or unfamiliar charges.
• Track your credit score: Obtain and review your credit report from credit bureaus like CIBIL, Equifax, Experian, or CRIF High Mark. Check for new credit inquiries or accounts that you did not authorize.
• Check form 26AS: Review your annual tax statement, Form 26AS, which includes details of your income, tax deducted at source (TDS), and other financial transactions. Identifying discrepancies here can signal unauthorized activities.

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3. Secure online transactions

As online transactions become more common, ensuring the security of your PAN card details online is critical. Here’s how you can protect yourself:

• Use secure websites: Ensure the website you are using starts with ‘https://’ indicating a secure connection. Avoid entering your PAN card details on unsecured websites.
• Avoid public Wi-Fi: Refrain from conducting financial transactions or accessing sensitive information over public Wi-Fi networks, which are often unprotected and vulnerable to hacking.
• Enable two-factor authentication: Enable two-factor authentication (2FA) for your financial accounts wherever possible. This adds an extra layer of security by requiring a second verification step in addition to your password.

4. Stay alert for scams and phishing attempts

Fraudsters often use phishing and other tactics to trick individuals into divulging their PAN card details. Stay vigilant with these tips:

• Beware of phishing emails and calls: Do not click on links or open attachments from unknown sources or unsolicited messages. Always verify the sender’s identity before responding to any request for your PAN card details.
• Question unusual requests: Be cautious of requests for your PAN card details for unrelated purposes, such as online surveys, lucky draws, or telemarketing giveaways. Legitimate entities rarely ask for PAN card information in such contexts.

Also read: Steps to follow if your wallet is stolen with credit and debit cards

5. Report and rectify PAN card misuse

If you suspect that your PAN card has been misused, act immediately to report and rectify the situation:

• File a complaint: Report the misuse to the Income Tax Department through their e-filing portal under ‘Grievance Redressal’. Provide your PAN, the nature of misuse, and the suspected entity.
• Notify credit bureaus: Inform credit bureaus like CIBIL about the misuse and dispute any unauthorized credit activity. Consider placing a temporary credit freeze to prevent new credit applications using your PAN.
• Contact financial institutions: Reach out to banks and financial institutions where fraudulent transactions have occurred. Request them to reverse the transactions and provide copies of your complaint and FIR.

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Conclusion

By following these five tips, you can significantly reduce the risk of PAN card fraud and protect your identity and financial information. Stay informed, be proactive, and take the necessary precautions to safeguard your PAN card details. Remember, vigilance and timely action are your best defenses against fraud.