The Permanent Account Number (PAN) card is the most important piece of documentation required for every financial transaction. It has a ten-digit alphanumeric number on it, which is nothing more than a code that contains important information about the PAN cardholder.
Every PAN has ten digits made up of a predefined combination of alphabets and letters. The first five characters are always alphabets, followed by four digits and another alphabet.
There has been an increase in the number of incidents involving PAN frauds in recent years. In such cases, the victim's PAN number is used, and he is not even asked for his consent before a loan is issued. Hence it is important for pan cardholders (that includes farmers) to protect themselves from such scams/frauds.
How to Avoid PAN Card Scams?
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Only use your PAN card when it is required.
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Filling down your birthdate or complete name in public or on insecure web portals should be refrained.
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You can use these details to look up your PAN number on the IRS website.
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Keep your PAN card original and photocopies safe. When submitting documents, provide the date alongside your signature.
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Keep track of where you've handed in physical photocopies of your PAN card.
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Check your credit score on a regular basis.
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Delete your PAN details from your phone if you have them saved.
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Check your Form 26A on a regular basis to ensure that your PAN card is free of suspicious activity. All financial transactions performed using your PAN are recorded on Form 26A of your income tax return.
How to check if your PAN card has been misused?
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By generating credit scores, anyone can check whether their PAN number has been misused.
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They can check if any loans have been disbursed in their name using CIBIL, Equifax, Experian, or CRIF High Mark.
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You can also view your financial reports on fintech sites like Paytm or Bank Bazaar.
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To find out if someone else has taken a loan on your PAN card, the user must submit personal information such as name, date of birth, and PAN card data.
