Permanent Account Number (PAN) frauds and ways to prevent them

1. Permanent Account Number (PAN) frauds and ways to prevent them Permanent Account Number (PAN) and its use Permanent Account Number or PAN is a unique ten-digit number issued by the Income Tax Department of India. A PAN enables the IT department to identify & link all transactions of the PAN holder for the purpose of tax payment, TDS/TCS, income returns, etc. Through PAN card, the information of the PAN cardholder, their transactions, investments, borrowings, and business activities can be easily retrieved by the taxation authority. As of 2019, the Income Tax Department of India had issued 445.7 million Permanent Account Numbers. Today, a PAN is an important document required for filing income tax returns, opening a bank account, applying for insurance, etc. It is essentially used as a photo ID proof by individuals and corporations to apply for these services. However, most are unaware of the increasing pan card frauds in India. PAN Card frauds in India “Man earning Rs. 84,000 a year receives I-T notice to explain Rs. 134 crore deals” “Man’s PAN card details stolen, Rs. 20 crore transactions made under false identity” “Fake Aadhaar, PAN cards used for duping banks” Headlines like these have become quite frequent in the news today. With the number of places we provide our PAN cards, without a second thought, identity theft has become a real cause for concern. In a world where we are increasingly dependent on online means for transactions, and availing services, protecting the physical copy of your PAN card is no longer enough. If you have recently received a notice from the I-T department or charged extra on your credit cards, there is a strong possibility you are a target of identity theft. Ways scammers do identity theft Phishing A scammer can contact you via email, phone, Facebook, Instagram or text, impersonating legitimate businesses like bank, credit card company, internet service provider. They can give you a link to share your personal details to apply for their services and misuse your information. Teleselling People often ask: is it safe to share pan card number with consultancy? The answer is NO. If anyone contacts you and asks for your credit card information to confirm your identity or complete a transaction, do not share any information. To ensure the identity of a company like Alankit, visit their website, check their reviews before sharing any details. Fake surveys While browsing, you may be asked to share your feedback or complete a survey for discount coupons or some gratification. If they ask for personal information like PAN card, do not participate. Malware

2. Permanent Account Number (PAN) frauds and ways to prevent them Sometimes, cybercriminals target you with the lure of free software or download. If prompted for the same, do not download such software unless they are from a trusted site. You may download malware with such downloads that will enable hackers to track your movements and steal your personal details. How to avoid pan card theft? (a) Avoid opening short links that you receive via emails or SMS, that insist you to logon to their website. (b) Install updated and genuine antivirus on your smartphones and PC. (c) Do not share any password or financial information via SMS or email. (d)Don’t share your birthplace, date of birth or mailing address on social media platforms. (e) Change your passwords periodically and avoid using the same pattern or passwords for all your applications or cards or accounts. (f) Check your bank and credit card statements regularly and report any unrecognised transactions. (g) Mention the purpose whenever you share the xerox copy of your PAN Card within anyone. To apply for a new PAN card, any pan corrections, or loss of PAN card, always use trusted agencies to help you out. Companies like Alankit that have provided PAN Card services for over 25 years, can be trusted to keep your personal information private and secure. For any PAN card related query, visit - https://www.alankit.com/govt-services/pan/