PAN card misused for taking out loans? Here's how to remain safe

Here's how you can figure out if your PAN Card was used to take out a loan without being informed.

New Delhi: Scams involving PAN cards have increased significantly in recent years. In most cases, though, scammers target a well-known figure. But that doesn't rule out the possibility of becoming the next victim of a fraud. The majority of PAN scams involve fraudsters accepting loans without the knowledge of the cardholder.

So, if you have a PAN card, it's a good idea to verify if you've been a victim of a similar scam. Here's how to see if your PAN card was used to take out a loan.

• Examine your CIBIL score. It can be done through CIBIL, Equifax, Experian, or CRIF High Mark, among other platforms. You may find out if any loans have been approved in your name by checking your CIBIL score.
• Fintech portals like Paytm and Bank Bazaar are another option to see if your PAN card has been used to take out loans. These websites allow you to review financial records and acquire your CIBIL score along with loan details in real time.
• Checking Form 26A is the third approach to see if someone has taken a loan on your PAN card. It is an annual tax statement given by the IRS that comprises records of all tax payments and financial transactions performed using a PAN card. Users can utilise the form to spot fraudulent behaviour early on and make a report.