In recent years, the number of fraud cases related to Pan Card, has been on the rise in India, leaving unsuspecting victims with loss of hard earned money and identity theft. Pan Card or Permanent Account Number is a unique 10 digit identification number that is assigned to Indian nationals and foreigners, who wish to conduct financial transactions in India. Unfortunately, due to the expansion of digital services and widespread digitization of financial services, Pan card identity theft is now a new reality. Therefore, it is important for citizens to understand what Pan card fraud is, how to identify the threats and understand how to take steps to protect themselves.
What Is a Pan Card Fraud?
Pan card fraud is a type of scam that uses a person’s personal details including their name, date of birth and PAN to create a fake or duplicate card. The fraudsters then use these duplicate cards to carry out illegal financial transactions that are often designed to steal money or personal information from the victim. The victim may be misled into sharing their personal card information or the fraudsters may have obtained the information through data breaches. Alternatively, criminals may use phishing or malware attacks to infect the victim’s computer and acquire the data that way.
Once the fraudsters have the information they need, they use it to create fake or duplicate Pan cards, which they can then use to conduct illegal financial transactions. These transactions can be carried out both offline and online, and can include fraudulent money transfers, opening fraudulent bank accounts and availing loans or credit cards with no intention of paying back the debt. The use of fake PAN cards makes it difficult for authorities to track down the individual behind the act, making it an attractive target for criminals.
How to Identify Pan Card Frauds?
Pan card frauds use a variety of tactics to trick people into sharing their personal information or to steal it through other methods. The most commonly-used tactics include:
Phishing scams: Fraudsters may impersonate a bank or government agency, asking the victim to share their personal information through email, text message or phone call. The email or text message may appear to be from a government agency, bank or financial institution.
Fake or duplicate PAN cards: Fraudsters may create fake or duplicate PAN cards using the victim’s personal information that they have collected through data breaches or phishing scams.
Unsolicited calls or emails: Fraudsters may call or email the victim, introducing themselves as a bank or government agency offering services. They may ask the victim to share their personal information, such as their PAN, in order to “verify their identity.”
Poor computer security: A lack of proper security on the victim’s computer and internet-enabled devices can make it easy for fraudsters to gain access to their personal information.
How to Protect Yourself from Pan Card Frauds?
Protecting yourself from Pan card frauds can be a daunting task, but adopting the following measures can help :
1. Keep your personal information safe: Do not share your personal details with strangers or on suspicious websites or apps. If you’re unsure about a website, app or email that asks for your personal information, it’s better to err on the side of caution and not provide any information.
2. Protect your computer: Ensure your computer has proper antivirus and firewall protection installed so as to reduce the risk of malware attacks. Furthermore, delete any suspicious emails or texts without opening them.
3. Keep a check on your transactions: Review your bank statements to detect any unauthorized or suspicious transactions. If you notice any, contact your bank immediately and report the fraudulent activity.
4. Safeguard Your PAN : Do not provide your PAN without proper verification, ensure the entities are legitimate and genuine before sharing any information.
What Is CPP?
Credit Monitoring and Protection Plan What Is Cpp (CPP) is a service offered by various private companies to safeguard your financial accounts against fraud, identity theft, data breaches and scams. CPP provides a combination of credit monitoring, alerts, and personal assistance to help protect users from identity theft.
CPP offers identity theft protection and credit monitoring as a paid service that helps monitor your financial accounts for suspicious activity, alerting you to any fraud attempts, data breaches, or identity thefts. Credit monitoring is a proactive measure where one can employ alerts to evaluate any changes in the credit score, significant alterations in personal information like address, contact number or social security details etc.
How Does CPP Work?
CPP services typically work by scanning millions of credit and financial transactions to detect any unauthorized activity. The customer is alerted through text messages, emails or calls if there is any sudden fluctuation in their accounts, or any attempts to open new credit or apply for a loan. Once alerted, the customer can take appropriate action to stop the fraudulent activity such as placing a freeze on their account or contacting the relevant authorities.
What Are the Benefits of CPP?
The benefits of CPP include:
1. Continuous Credit Monitoring: The CPP service constantly monitors your credit reports, bank and card accounts, keeping a check for any unwarranted activity. Moreover, the service helps to detect any fraudulent or unauthorized activity, minimizing financial damage.
2. Early Detection and Alert Notifications: CPP algorithms automatically trigger alerts of any unusual activity in your accounts, allowing you to take immediate action.
3. Quick Resolution Assistance: CPP’s assistance is committed to cutting the recovery time of identity theft by providing resources and personal assistance to help in resolving any issues.
4. Peace of Mind: CPP services help in building financial resilience through proactive fraud detection and protection that can help provide users peace of mind.
How to Build Financial Resilience
Financial resilience is the ability to manage financial resources towards planning, execution, and direction of personal and professional objectives whilst having a solid grip on any finincial setbacks. Here are a some steps to help build financial resilience:
1. Plan Your Finances: Make a budget, invest in retirement accounts, insurance, and have a high-yield savings account to achieve long-term goals.
2. Diversify your Income: Alternative income streams can help to mitigate financial risk.
3. Save for Emergencies: Be prepared for unforeseen emergencies like job loss, medical bills or economic disruptions.
4. Monitor Your Credit Score: Regularly keep a check on your credit score to ensure it remains healthy, credit monitoring services through tools like CPP can greatly aid in keeping it secure.
5. Educate yourself: Stay up-to-date with personal finance trends, regulations and norms to help make informed decisions.
In conclusion, financial frauds can have severe financial and emotional effects, and it’s essential to recognize them, understand them and take appropriate measures to stay protected. By taking proactive steps such as monitoring your credit score, investing in credit monitoring services like CPP, and building financial resilience, you can safeguard your financial well-being and security, and reduce the risk of identity theft and fraud. Taking adequate action on time can not only save you from losses but can also help ensure your financial future remains secure.
