A PAN Card is a vital government document that is used to identify taxpayers and is considered a trusted form of photo and name ID. However, if misused by fraudsters, it can lead to identity theft – leading to loan and credit card fraud. This can cause financial losses and have a long-term negative impact on your credit score.
To stay safe, you can take a few measures, like giving out your PAN only on a trusted loan app and checking your credit report frequently. This way, you can spot any fake loans in your name and errors in your credit report.
OneScore offers you a one-stop solution as it allows you to check your credit score and reports for free all through your life. You can also raise disputes directly from the app. Continue reading to understand how your PAN may be misused and how you can prevent potential risks by staying up to date about your credit accounts.
PAN Card Misuse and its Potential Consequences
Fraudsters may use many methods to trick you into providing your PAN Card and other personal details. They subsequently use them to swindle funds or gain some financial benefit.
One way they may do it is by pretending to be from the Income Tax Department and asking you for the OTP to update your PAN Card. When you give them the information, they use it to take over the debit or credit cards linked to your PAN.
Another common scam is impersonating a lender and setting up a fake loan app, so you end up sharing your PAN with them. Then, they use this document to take loans in your name, which you become liable to pay. Since you are not aware of such loans, you do not repay them, and this brings your credit score down.
This is why it’s crucial to be careful about sharing your PAN details. Otherwise, PAN card fraud may lead to financial loss and can drastically affect your CIBIL score. Some other consequences of this fraud are:
- Using your name to open a bank account
- Committing fraud when purchasing jewellery or real estate
- Renting vehicles or rooms for illegal purposes
- Causing you reputational harm or increasing your tax liabilities
Steps to Check PAN Card Misuse Online
To check if your PAN Card is being misused, you can visit the official CIBIL website and generate your complete credit rapport. Follow the steps listed below:
- Visit the official CIBIL website
- Click on the ‘Check your Credit Score’ option
- Enter your credentials
- Enter the OTP you get on the registered mobile number and login to the portal
- Navigate to the credit report section and check all your accounts
This way, you will be able to spot any errors or frauds in your CIBIL report. This method works only if you have a membership on the credit bureau’s website. If not, then you can check your free credit report anytime on the OneScore app and report any fraud you find.
How to Avoid PAN Card Frauds
To avoid any misuse of your PAN Card information, keep an eye on your financial activity. This may be done through timely credit report analysis. Here is a list of other steps you can follow.
- Whenever you visit a website where you are about to enter your PAN card, check if it starts with ‘https’. These sites are secure and encrypted, so your PAN details have a higher chance of remaining safe.
- When submitting PAN Card copies somewhere, use the masked versions for additional safety.
- Avoid giving your private details on every platform until it’s absolutely necessary.
- Evaluate Form 26AS to check transactions associated with your PAN Card.
- Never keep your PAN details on your phone. If it goes into the wrong hands or is misplaced, your financial data may be stolen.
- Set up transaction alerts on your bank’s mobile app or net banking to be aware of any transaction happening in your account. In case the transaction is not initiated by you, report it to the lender immediately to block your accounts, preventing future misuse.
- Keep checking your CIBIL report from time to time to check for any unknown credit accounts.
- Whenever required, carry a digital encrypted copy of your PAN card instead of doing it physically.
- In case your PAN Card is stolen or lost, immediately report it. This will prevent misuse of your information.
- To keep away from cyber security attacks, always keep digital photocopies of your PAN Card encrypted.
- Update your ID and passwords regularly to secure your credit/debit information.
- Keep your PAN Card in a secure place physically so it is not accessible to everyone around you.
Raising Disputes on OneScore
By checking your credit report frequently, you can keep an eye on all your credit accounts and take the right action quickly. With OneScore, you can report any discrepancy in your CIBIL report in just a few clicks. To do so, follow the steps below.
- Download and open the OneScore credit score and loan app and run a credit check
- Carefully review your complete credit report on the app itself
- In case you find a discrepancy, take relevant screenshots and collect supporting documents
- Click on the tab ‘Report an error’, which you can find below your credit report
- After clicking here, you will be redirected to a new window to the official CIBIL website
- Click on ‘Raise a Dispute’
- Fill in the required information and attach the supporting documents
- Hit the ‘Submit’ button
After submitting your request, the credit bureau will look into the matter and take relevant action. After communicating with the lender, CIBIL will update the status of your report. If it was a fake loan and you are able to get it removed from your records, your credit score is sure to increase.
In addition to checking for such loan frauds and reporting it on OneScore, you can also rely on this app to further improve your credit score via personalised tips. This way, you can place yourself in the best position to get an affordable loan when you need it.
The best part is that OneScore is also a personal loan app. It allows you to apply for a personal loan of up to ₹5 lakhs or more based on your credit score. Not only does it help you apply for a loan instantly, but it also protects your data by never sharing it with third parties.
With no ads and spam on this app, you can focus on your credit health and cater to your requirements for funds stress-free. So why wait? Download the app, ensure your PAN details are not misused, and improve your credit health – all in one place!











