Hack of the Day: Safeguard Your Finances from Identity Fraud
The Times of India introduces 'Hack of the Day'—a fresh weekday series offering quick, practical solutions to everyday challenges. Each hack is crafted to save you time, money, or stress by leveraging accessible tools and features, from government websites to everyday applications. In essence, it provides simple fixes for smarter living.
The Rising Threat of Identity Fraud
Identity fraud is escalating at an alarming rate, with one of its most prevalent manifestations being unauthorized loans or credit cards opened in your name. Fraudsters often exploit your PAN and personal details to create accounts, leaving you burdened with unexpected debt and a tarnished credit history. The most effective way to detect such fraudulent activities early is by consistently monitoring your credit report.
What This Hack Solves
- Detects Unauthorized Accounts: Identifies loans or credit cards that you did not apply for, ensuring you are aware of any financial activities in your name.
- Identifies Suspicious Activity: Helps spot any dubious or fraudulent transactions linked to your PAN, allowing for prompt action.
- Protects Financial Reputation: Shields your credit score and financial standing from long-term damage by enabling early intervention.
Step-by-Step Guide to Checking Your Credit Report
- Obtain Your Credit Report: Access your free credit report from official bureaus such as CIBIL or Experian. These reports provide a comprehensive overview of your credit history.
- Review Active Accounts: Scrutinize all listed loans, credit cards, and recent inquiries meticulously. Flag any entries that appear unfamiliar or unexpected.
- Contact the Institution: If you discover an unknown account, immediately reach out to the respective bank or lender using their official customer care channels to verify and address the issue.
- Raise a Dispute: File a dispute with the credit bureau to correct any inaccuracies in your report. If fraud is suspected, lodge a formal complaint at cybercrime.gov.in for further investigation.
Important Note
Checking your own credit report is classified as a soft enquiry, which means it does not negatively impact your credit score. Therefore, you can perform this check as frequently as necessary without any adverse effects on your financial health.
About the Author
TOI Tech Desk
The TOI Tech Desk comprises a dedicated team of journalists committed to delivering the latest and most pertinent news from the technology realm to readers of The Times of India. Their coverage spans a broad spectrum, including gadget launches, reviews, trends, in-depth analyses, exclusive reports, and breaking stories that influence the digital universe. Whether it's how-tos or updates on AI, cybersecurity, personal gadgets, or platforms like WhatsApp, Instagram, and Facebook, the TOI Tech Desk ensures accurate and authentic news delivery.
