How to stay safe from the PAN card scam

Here’s how you can stay safe from PAN card scams.

Representative image / India today

STRONG POINTS

  • In recent years, there has been an increase in the number of cases of PAN fraud.
  • Use your PAN card only when absolutely necessary.
  • Monitor your credit score regularly.

Every financial transaction requires a Permanent Account Number (PAN) card, which is the most crucial piece of documentation. It features a ten-digit alphanumeric number, which is just a code containing vital information about the PAN card holder.

Each PAN contains ten digits consisting of a specified combination of alphabet and letters. The first five characters are always alphabets, followed by four digits and another alphabet.

In recent years, there has been an increase in the number of cases of PAN fraud. The victim’s PAN number is used in such cases, and he is not even asked for his approval before a loan is granted to him.

STEPS TO AVOID PAN CAD FRAUD:

  • Use your PAN card only when absolutely necessary.

  • It’s not a good idea to enter your date of birth or full name in public or on unsecured web portals.

  • You can check your PAN number on the IRS website using these details.

  • Keep the original and the copy of your PAN card in a safe place. Include the date with your signature when submitting documents.

  • Note where you submitted photocopies of your PAN card.

  • Monitor your credit score regularly.

  • If your PAN details are saved on your phone, delete them.

  • Regularly check your Form 26A to ensure that your PAN card does not exhibit any suspicious behavior. Form 26A of your tax return records all financial transactions made with your PAN.

STEPS TO CHECK IF YOUR PAN CARD HAS BEEN MISUSED:

  • Anyone can check if their PAN number has been misused by establishing credit scores.

  • They can use CIBIL to see if loans have been disbursed in their name.

  • Fintech sites such as Paytm and Bank Bazaar also allow you to access your financial records.

  • The user must enter personal information such as name, date of birth and PAN card data to see if someone else has taken out a loan on your PAN card.