The prevalence of financial scams is growing steadily, requiring us to submit crucial personal documents such as Aadhaar and PAN cards for various purposes. Consequently, many individuals harbor concerns about potential misuse of their KYC (Know Your Customer) documents. Falling victim to such abuse can lead to financial losses and legal complications. To mitigate the risks associated with KYC misuse, it is essential to keep certain factors in mind.
Check the loan documents carefully
To verify loan details, you can obtain a copy of your credit report from one or multiple credit bureaus. It is possible to request a free credit report annually from each of the four credit bureaus in the country. When reviewing your credit report, pay attention to any suspicious loan accounts, loan inquiries, or loan applications that appear.
Handle loan related messages with care
All emails, letters and SMS received regarding the loan should be read carefully. Be alert and check for unexpected loan approval or loan rejection messages. If the communication is about a loan you didn’t apply for, talk to the lender. Request for information on loan applications made in your name and ensure that personal records are not misused.
You can report it to the police
If there is clear evidence or suspicion of KYC fraud, a complaint can be made to the police. Provide the information and evidence you have collected with the complaint.
Secure personal information
Take necessary steps to increase the security of personal information. For this, change passwords frequently and use strong passwords that cannot be easily guessed. Do not share sensitive information with others.
Seek advice
If you do not know how to respond and what to do in the matter of scams, legal guidance should be sought.
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