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How your PAN card can be misused?

By - Research Team    |    Updated On 18 July 2019 |    Deposits and Bank Accounts

How your PAN card can be misused?

How your PAN card can be misused?

PAN card which is also known as the permanent account number is a 10-digit alphanumeric identity, allotted by the Income Tax Department to each taxpayer in India. PAN card can also be used as an identity proof and it is mandatory for various financial transactions like filing income tax returns, sale or purchase of assets above specified limits and for investing in shares, FDs and mutual funds.

Apart from these financial transactions, we are often asked to provide PAN card details in different situations and most of the time we give our PAN card details even without thinking on it. But, you have to be very careful when giving away your PAN card details as they can be misused. In this blog, we will discuss how your PAN card details are misused by fraudsters.

See Also: How To Surrender Multiple PAN Cards?

How your PAN card can be misused?

There are many ways in which PAN card details can be misused by fraudsters to their advantage and you won't even know. If you think that your PAN card is safe and it cannot be misused, you are totally wrong. A little carelessness can cause a lot of problems. So, to keep your PAN card safe, you must be aware of the methods in which your PAN card can be misused.

Here are the ways in which your PAN card can be misused.

1. Tatkal bookings at railway stations

You will be asked to provide your PAN card number while booking a tatkal ticket online or through a travelling agent. Most people give PAN card number without bothering on the consequences. What if someone notes down the details from the charts displayed on trains and platforms?

Check if someone is writing down PAN card numbers from railway charts and bring it to the attention of the concerned authorities. These details could be sold to people who use it for carrying out illegal activities in PAN cardholder’s name.

2. Fake businesses in your name

Fraudsters can use your PAN card details to set up a business under your name. You won't be aware of this, until you receive a notice from the Income Tax department, asking you on the financial transactions made through your PAN account.

3. Jewelry purchase above the specified limit

In order to curb black money in the economy, jewelers are asked to collect tax at source from people who purchase jewelry. The customers are asked to furnish their PAN details. But unfortunately, most customers don't give their PAN details. Many jewelers ask them to provide a Benami PAN number which is collected from various sources. Most PAN card details are stolen.  

4. While purchasing a second-hand car

When you are purchasing a second-hand car from a dealer with cash, you must provide your PAN card details. If the person with whom you are dealing with is an illegal car dealer, he might misuse your PAN card.

5. Travel agents

If someone applies for a visa, he/she is asked to provide certain documents including PAN details. Fraudsters target such applicants and call them asking for the travel date. When they are not in the country, they use their PAN details for large ticket transactions or any illegal financial activity.  

6. Social media

Many people share their full name, DOB and other personal information on social media platforms like Facebook, Twitter, and Instagram. Using these details, fraudsters can procure your PAN details. These PAN details can be used to carry out fraudulent transactions.  

7. Fake credit score portals

There are many online portals which help check your credit score. But the fact is, not all these portals are genuine. There are many fake credit score portals which are set up with the intention of stealing your personal information like PAN card details. Your PAN details collected by these portals are used to carry out transactions, for which you are held accountable.

See Also: How To Apply For Lost Pan Card?

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