Pan Card Frauds On The Rise: Here’s How To Be Safe | Personal Finance News | Job Binary

New Delhi: Permanent Account Number (PAN) card is an important document required for every financial transaction. It has a ten-digit alphanumeric number, which is nothing more than a code that contains important information about the PAN card holder.

Each pan has ten digits, made up of a predetermined combination of alphabets and letters. The first five letters are always alphabets, followed by four digits and another alphabet.

In recent years there has been an increase in the number of incidents involving PAN frauds.

In such cases, the victim’s PAN number is used and his approval is not sought before granting the loan.

Here’s how to avoid PAN card frauds:

Use your PAN card only when necessary.

-It is not advisable to fill your date of birth or full name in public or on unsecured web portals.

You can use these details to look up your PAN number on the IRS website.

-Keep your PAN card original and photocopy safe. When submitting documents, provide your signature along with the date.

-Track where you have given physical photocopies of your PAN card.

– Check your credit score often.

Delete your PAN details if you have saved them on your phone.

Check your Form 26A regularly to ensure that your PAN card is free of suspicious activity. All financial transactions conducted using your PAN are recorded in Form 26A of your Income Tax Return.

Steps to check if your PAN card is misused:

-By generating credit ratings, anyone can check whether their PAN number has been used.

-They can check if any loan is disbursed in their name using CIBIL, Equifax, Experian or CRIF High Mark.

-You can view your financial records on fintech platforms like Paytm or Bank Bazaar.

-To find out if someone else has taken a loan on your PAN card, users need to enter personal information like name, date of birth and PAN card details.

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