New Delhi. In today’s digital era, suddenly finding out that a loan is running in your name can be a scary experience for anyone. Sometimes an EMI message, sometimes a call from a recovery agent or a falling credit score without any reason – all these indicate that your identity has been misused. The truth is that sometimes basic information like PAN and Aadhaar is enough for fraudsters to try to take a digital loan. In such a situation, the most important thing is to take right and quick steps instead of panic, so that the loss can be prevented.
Confirm the loan first, not through call but through report.
If you suspect that a fake loan has been taken in your name, first get your credit report from all the major credit bureaus. In India, many times the same loan does not appear in every bureau, as some lenders report only to a limited number of bureaus. The name of the lender, account number, loan date and outstanding amount will be clearly visible in the report. This information is important so that you can talk not without guesswork, but with solid evidence.
Write to the lender immediately and put the loan in ‘dispute’
As soon as the loan appears in the credit report, write a complaint email to the concerned lender. Explain in clear words that you have not taken this loan and your identity has been misused. Ask them for details of the KYC process based on which the loan was approved. Also say that you are filing a complaint with the police and the account should be marked ‘fraud’ and ‘disputed’ until the investigation is completed. Keep every conversation in writing and take the complaint number.
Cyber crime complaint and FIR are very important
Even if the loan amount is small, it is still very important to lodge a complaint on the cyber crime portal and submit an FIR or a written complaint at the local police station. This step becomes a protective shield for you later on. Banks, NBFCs and credit bureaus take police complaints seriously. If the recovery agents apply pressure or a legal notice comes, the police receipt strengthens your case.
File a dispute with the credit bureau also
Just informing the lender is not enough. Formally lodge a dispute with any credit bureau where fake loans are visible. Attach documents from the lender and police complaint and ask the bureau to mark the account as ‘disputed’ until the investigation is completed. If the loan is proven to be fake, the bureau will have to remove the entry and restore your credit score.
Lock Aadhaar, strengthen identity security
If Aadhaar is used for KYC, then go to UIDAI website and lock your biometrics. With this, scanning of your finger or eyes will not be used without permission. Also check Aadhaar authentication history to see if any suspicious attempts have been made. There is no option to lock PAN, so be extra cautious while sharing its information. Wherever possible, use only masked Aadhaar.
Notify your bank and keep an eye out for further fraud
Notify your main bank about this identity misuse and ask them to put a note on your profile. This will enable extra vigilance to be taken on any new loan or credit card application in future. Keep an eye on SMS and email alerts, as in many cases, once data is leaked, repeated attempts are made.
Proceed if lender delays action
If the lender does not stop recovery calls or delays investigation despite your complaint, escalate your complaint through its internal escalation system. If necessary, approach the RBI complaint forum or the concerned ombudsman. Here it is important to show that you made the complaint on time, provided evidence and gave adequate opportunity for resolution.
Adopt smart habits for the future
Even once the matter is resolved, caution is necessary. Check credit reports periodically and turn on credit monitoring alerts where possible. Consider PAN and Aadhaar like banking passwords – the less space they share and save, the less the risk. In this era of digital convenience, identity security is the biggest security.
