According to a 2018 survey by IndiaSpend, a maximum number of bank frauds in India have their sources with PAN and Aadhaar cards. Particularly following the government regulation of linking Aadhaar numbers with PAN cards and bank accounts, various criminal activities have become common, resulting in PAN card frauds. For instance, you need to enter your PAN for booking railway tickets. It is then displayed on the prepared chart next to your name, making it easier for the hackers to find out your PAN.
Moreover, the processing of your PAN linking to your bank account is done through a third party. Therefore, the information can leak if the security is not strong. The same goes for visa applications and travel bookings. Misuse of a PAN card is also common when you enter your details for preparing a profile on a social media site.
One of the most common results of a PAN card fraud can be with a bank or other loans. Apart from banks, some financial services, such as Indiabulls Dhani app, provide loans only with a PAN verification. So if someone steals or hacks into your PAN, you might suddenly find loans against your name in your CIBIL. It not only causes a significant financial crisis but also hampers your CIBIL score.
