Pan Card Frauds are becoming increasingly common with the rise of technology-based financial transactions. Fraudsters are constantly devising new ways to cheat people off their hard-earned money, and the Pan Card is one of the ways they do it.
A Pan Card is an identity card issued by the Indian Government to its citizens, and it is mandatory for anyone who wants to carry out certain financial transactions. It is used for filing Income Tax Returns, opening bank accounts, investing in mutual funds, and various other financial transactions. But as the use of Pan Cards has grown, so has the number of Pan Card Frauds.
One of the most common ways in which Pan Card Frauds are carried out is through using a fake Pan Card. These fraudsters use stolen identities to create a fake Pan Card, which can then be used to open bank accounts, apply for credit cards, and take out loans. They also use fake Pan cards to evade taxes by filing a false Income Tax Return.
Another popular way in which Pan Card Frauds are carried out is by obtaining a person’s Pan Card number and using it to apply for credit cards or loans in their name. This is done by phishing – a technique where fraudsters send out fake emails or text messages that appear to be from legitimate sources such as banks or financial institutions, requesting Pan Card and other personal information. Once the fraudsters have obtained the details, they use them to carry out their fraudulent activities.
A Card Protection Plan (CPP) is a financial service that safeguards against losses from lost, stolen, or unauthorized use of credit or debit cards. It offers features like immediate card reporting, fraud protection, emergency card replacement, and identity theft assistance. Cardholders should review plan details for services, costs, and procedures in case of emergencies, while also practicing card security measures.
To counter these fraudulent activities, the Indian Government has introduced a new system called the Centralized Processing Center (CPC). What is CPC? CPC is a system that streamlines the income tax filing process by centralizing it. The CPC receives all income tax returns filed online and reviews them before processing them. This helps in identifying any fraudulent activity and makes it easier to combat such practices.
But the introduction of CPC does not mean that one can let their guard down while filing income tax returns or carrying out financial transactions. Here are some steps that can be taken to protect oneself from Pan Card Frauds:
- Protect your Pan Card: The first thing that one can do is to protect their personal information and their Pan Card number. Do not share your Pan Card details with anyone, especially over the phone or via email or text message. Be wary of any unsolicited messages or calls that request your Pan Card information.
- Be aware of phishing attacks: As mentioned earlier, phishing is a common technique used by fraudsters to obtain personal information. Always double-check the authenticity of the messages or emails you receive before sharing any personal information. Look for spelling mistakes and grammatical errors, and do not click on any links or download any attachments that look suspicious.
- Keep a track of your transactions: You should always keep a track of your financial transactions. Check your bank statements regularly to ensure that there are no unauthorized transactions. If you notice anything suspicious, report it to your bank immediately.
- Check your credit score: Your credit score is a reflection of your financial health. Check your credit score regularly to ensure that there are no discrepancies or unauthorized loans or credit cards taken in your name.
- Choose a strong password: When creating passwords for your financial transactions account, ensure you use a strong password that cannot be easily guessed. Never use the same password for multiple accounts, and change your password regularly.
Pan Card Frauds are becoming increasingly common, but by staying informed and taking preventive measures, one can protect themselves from falling prey to them. By following the above steps, we can make it harder for fraudsters to carry out their malicious activities. Always remember, prevention is better than cure, so stay alert, stay informed, and stay safe!
