how identity theft can leave your financial life paralyzed.docx

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How Identity Theft can leave your financial life paralyzed !

I do not want to sound like a scaremonger, but it is possible that there is a personal

loan or a credit card taken under your name by someone else and you are completely

unaware about it. I know you must be thinking that I wrote that just to pique your

interest in this article and give a good start to this post, but trust me – I am notkidding, I ACTUALLY mean that it might be the case. There is a huge possibility that

someone has taken a loan by using your documents and KYC Documents and you wil

come to know about it only years from now.

This is called - Identity Theft

4 Measures to Avoid Identity Theft

Do not handover your documents to anyone without strong reason. There are

many cases where someone trustworthy has used the documents for wrong

usage.

Always Write the purpose on the Documents itself. If you are giving your

document for Home loan purpose , write down ―ID PROOF – FOR HOME LOAN at

HDFC BANK – Should not be used for some other purpose‖ .

if you have given your documents to some one for some reason and they are

not used, take them back.

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Whenever you are getting xerox or giving your originals to someone, dont just

be very casual and better be a little careful about whats going on

Two real life incidents on Identity Theft

Praveen shares how his cousin got a credit card using his documents

There is a credit card on my name which was taken on my name without my

knowledge by one of my cousin who used to work with Barclays Credit Card Company

at that time& was also a freelancer for some other banks. So at that time (2008) I

signed few personal loan forms with him & which I took it for my personal purpose,

but I was not aware that I also signed a form which was for Barclays Credit card and

which was used by my cousin.

All this matter came to lime light recently only when I re applied for credit card &

home loan, both got rejected because of poor credit score (573), we had a big fight inour family, finally he agreed to return the actual amount of the credit card which was

Rs.23000 at that time, but now in my cibil report it showing as Rs.44000 amount due.

Now it‘s my headache to clear my cibil report, so I‘m ready to pay remaining amount

due from my pocket

Akash shares how his CA misused his identity and broke his trust

I follow CIBIL v diligently and regular take out my CIRs and score. My last score (1st

August 2013) was 806 with 1 settled secured loan a/c. i have one PL running for last 8months with only bounce (which was paid up within 15 days). I had applied to the

same bank for a top up. Now the bank has come reported about the existence of a

2nd Pan Card with a score of some 400+ and also default on 1 PL and CC. The bank

also informed that there were other PLs but all closed. I had received a PAN Card from

my CA (who is my 1st cousin) who asked my to kindly apply me to close it was a

duplicate wrong card which i duly did some 6 months back with NSDL.

On getting this report from the bank i figured out the the no was same as the

cancelled card. Morever my cousin admitted to having used my PAN card and payslips

to get the wrong card made and take PLs and CCs. As he was my CA he had all

relevant papers like payslips and bank statements with him. However he has now

committed to close all O/S within this month. My queries is how do i get the CIBIL

report in the wrong PAN closed and all reporting transfered to my existing and

authentic PAN card ? Any other solution

Conclusion

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Always remember that prevention is better than cure. You can take the matter of

identity theft casually, believing it will never happen to you. But once it does, it can

severely affect your financial (and personal) life and you might find yourself stuck in a

situation, which you want to get out of as soon as possible.

Read full Article on Website

How Identity Theft can leave your financial life paralyzed !

I do not want to sound like a scaremonger, but it is possible that there is a personal loan or a credit card

taken under your name by someone else and you are completely unaware about it. I know you must be

thinking that I wrote that just to pique your interest in this article and give a good start to this post, but

trust me – I am not kidding, I ACTUALLY mean that it might be the case. There is a huge possibility that

someone has taken a loan by using your documents and KYC Documents and you will come to know about it

only years from now.

This is called - Identity Theft

4 Measures to Avoid Identity Theft

Do not handover your documents to anyone without strong reason. There are many cases

where someone trustworthy has used the documents for wrong usage.



http://www.jagoinvestor.com/forum/kyc-for-mutual-funds





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Always Write the purpose on the Documents itself. If you are giving your document for

Home loan purpose , write down ―ID PROOF – FOR HOME LOAN at HDFC BANK – Should

not be used for some other purpose‖ .

if you have given your documents to some one for some reason and they are not used,

take them back.

Whenever you are getting xerox or giving your originals to someone, dont just be very

casual and better be a little careful about whats going on

Two real life incidents on Identity Theft

Praveen shares how his cousin got a credit card using his documents

There is a credit card on my name which was taken on my name without my knowledge by one of my cousin

who used to work with Barclays Credit Card Company at that time& was also a freelancer for some other

banks. So at that time (2008) I signed few personal loan forms with him & which I took it for my personal

purpose, but I was not aware that I also signed a form which was for Barclays Credit card and which was

used by my cousin.

All this matter came to lime light recently only when I re applied for credit card & home loan, both got

rejected because of poor credit score (573), we had a big fight in our family, finally he agreed to return the

actual amount of the credit card which was Rs.23000 at that time, but now in my cibil report it showing as

Rs.44000 amount due. Now it‘s my headache to clear my cibil report, so I‘m ready to pay remaining amount

due from my pocket

Akash shares how his CA misused his identity and broke his trust

I follow CIBIL v diligently and regular take out my CIRs and score. My last score (1st August 2013) was 806

with 1 settled secured loan a/c. i have one PL running for last 8 months with only bounce (which was paid up

within 15 days). I had applied to the same bank for a top up. Now the bank has come reported about the

existence of a 2nd Pan Card with a score of some 400+ and also default on 1 PL and CC. The bank also

informed that there were other PLs but all closed. I had received a PAN Card from my CA (who is my 1st

cousin) who asked my to kindly apply me to close it was a duplicate wrong card which i duly did some 6

months back with NSDL.

On getting this report from the bank i figured out the the no was same as the cancelled card. Morever my

cousin admitted to having used my PAN card and payslips to get the wrong card made and take PLs and CCs.

As he was my CA he had all relevant papers like payslips and bank statements with him. However he has

now committed to close all O/S within this month. My queries is how do i get the CIBIL report in the wrong

PAN closed and all reporting transfered to my existing and authentic PAN card ? Any other solution

Conclusion

Always remember that prevention is better than cure. You can take the matter of identity theft casually,

believing it will never happen to you. But once it does, it can severely affect your financial (and personal) life

and you might find yourself stuck in a situation, which you want to get out of as soon as possible.

By Manish Chauhan on September 19, 2013 · Posted in General

30 Comments | Post Comment

bharat shah says:

http://www.jagoinvestor.com/2011/10/documents-misuse.html




http://www.jagoinvestor.com/2013/03/cibil-marketplace-apply-for-loan-offers-based-on-credit-score.html#comment-86865


http://www.jagoinvestor.com/2011/07/cibil-report.html#comment-86792


http://www.jagoinvestor.com/2011/07/cibil-report.html



http://www.jagoinvestor.com/2013/09/identity-theft-is-bad-for-your-financial-life.html



http://www.jagoinvestor.com/category/general



http://www.jagoinvestor.com/2013/09/identity-theft-is-bad-for-your-financial-life.html?postcomment=true













good warning . it happens by the deceptive people , sometime the terrorists, to get the mobile nos. on your

identity proofs etc. what you have given are the examples of identity thefts by the known persons , but

sometimes it is by unknown. i suspects , in case of mobile nos. , sometimes by the sale persons from whom

you bought once, then you got it permanently disconnected. they may misuse your identity to sell

somebody, who has no identity proofs for whatsoever reasons , for sake of earning , or other ulterior motive.

in such case, you may get problems for no fault of you. i am writing this based on my experience , but

fortunately it turned not so much problematic.

Posted on September 19th, 2013

Atul Mittal says:

Dear Manish

Regarding CIBIL report , I remember there used to be two options for purchasing credit report from CIBIl (

one with credit score which costs 470/-, and second option was to obtain CIR Credit Information Report

without score which used to cost 154/-) .

But from CIBIL website I am now unable to find only CIR option. It is now giving option only to buy score

which costs very high.

Do you have any clue from which link to buy only CIR without score, then please help.

Regards


Joel Trinidade says:

Dear Manish,

This has become a reality , i have not yet beared the brunt of identity theft but on one occasion while having

dahi puri at one of the shops in borivali . The dahi puri was served on a A4 size page of a pan card xerox.

When i asked for something to wipe my hand i was given a address proof . It did not belong to the same

person as the pan card but never the less I realized a possibility of misuse.

Inspite of realising this , i have been giving out my xerox of photo and address proof to every tom , dick and

harry in a careless manner . Today this article has been a wake up call.

Joel


Credexpert says:

Dear Atul,

CIBIL still has the option to obtain the credit report without the score.

The link below will help you access your credit report without the score, please follow the link –

http://www.cibil.com/can-i-purchase-only-the-cir

Hope this addresses your query.

Warm Regards,

Credexpert

http://www.credepert.in


http://www.credexpert.in/




http://www.credepert.in/







Kundan says:

While I appreciate this is a reality and we got to be careful, what I am failing to understand how come

someone else get a credit card/loan while the same has to be delivered to the address mentioned in the

address proof document. Is there is way to hold banks accountable as they are supposed to verify the

signature on PAN card/address verification is supposed to happen?


Indonesia Lawyer says:

You have written a great article. Thanks for your kind sharing. It helps us to be cautious with our identity

and personal information.

Posted on September 22nd, 2013

Aniket says:

Finally someone talks about it, good insight and a fact that a lot of people ignore. I have seen people from

close quarters hand out their documents, date of birth and a lot more to unknown people just because they

are getting their work done through various ‗agents‘. Infact documents is one thing; mere giving your Dat e

of Birth can also cause a lot of trouble these days. Good thing you wrote on it.

Posted on September 23rd, 2013

Aniket says:

Verification is usually done through third party, and they usually just come up and have a standard set of

questions and they do it. However, if the permanent address and communication address is different, these

people often go to the communication address, this can be easily manipulated by person taking on your

identity as he/she has the documents and it is easier in case of credit cards and personal loans. Doing it for

home loans is not easy though.


Sudheer M says:

Dear Manish,

Its actually a reality that many of them misuse the documents given for mobile connections to take

connections for others.

I had an instance with Airtel where in my wife gave the photocopies to Bangalore Koramangala Airtel office

with ―Submitted for Airtel sim ‖ written on it. Airtel officer refused to accept the document with such a

remark and we also refused to continue with the connection.

I don‘t know what the motive for the officer was, but it should be clearly mandated by companies to write

such remarks in the document.


Srinivas says:

Useful reminder.

Would like to narrate an incident, though not directly related to this post.

I applied for an account in a reputed private bank. Their representative came to our house and took the

documents and gave a starter kit, which is to be used once i get a communication from them. That was a

month back and no info on the same.

http://www.tnrlawfirm.com/


http://www.stepupmoney.com/






When checked with call center, was told that they are not aware of any such transaction. Worried what the

(so called) representatives do with my documents.

In such situations, i feel, few precautions will help.

Writing on the document copies, the purpose for which they were being given. Take all details of the persons

taking the documents.


Manasi Gopalakrishnan says:

Hi,

Recently we found out that my mother was a victim of such identity theft. I have applied for a Credit Score

report to identify where all we have been deceived…

Can you please advise us on how to proceed in this regard. Especially on how to identify the fraudster and

take leagal action against them.?

Thanks in advance.

Manasi


Manish Chauhan says:

Its going to be tough. You can contact the bank and then ask for all the details which were submitted and

the signatures ! . It upto the case how you will prove that it was really a fraud !



It might happen that their is a co-ordination issue within the bank . But its a good idea to write down the

purpose of the document .


chander says:

1) The ―Ultimate Identity Card‖ of every Indian – -the Aadhar Card has come!

And now copy of this (it contains the scannable pattern) is required by everybody — banks and the LPG

Distributor (to be dropped into a box).– So the Ultimate Identity theft is not far off.

2) Newspapers had carried the Internet Banking Fraud — where a duplicate SIM card (for OTP) was issued in

Hyderabad, of a Doctor in Cochin using the xerox copy of the latter‘s document, and the same number! All

this is due to free availability of address/ identity xerox copies.



And Supreme court has said that aadhar card is not mandatory for essential services



Yes, I have seen many people doing it and its accepted without much issues, better not go ahead with those

who dont accept them

http://www.jagoinvestor.com/author
















Thanks Aniket

Do you know instances where giving date of birth info is also not safe ?



Welcome !



Yes, banks are to be blamed for the procedures they adopt . There is no strict checking . You can file a case

against them on lazyness !



Thanks for realizing . I am sure you will save others in future on this matter



THanks for your appreciations !


tejash says:

Dear Manish,

its a eye opener article.

and i want to share one more incidence which may have not relevance with it but i may save the other

peoples become victims.

some body is calling and telling that he/she is calling from the so and so telecom operator and you are

getting complimentary 3G NET access for 1 month for that you have to switch off your phone 1 hour. once

you follow it they will call it to your home number by identity theft. telling that you are kidnapped and

deposit the money(not much more 25000 to 100000) in this account for his/her safety. after one hr when

you switch on your phone you come know you are fooled.

regards,

tejash


Aniket says:

Date of Births can be used for verification and thus can get you access information on phone banking

numbers and so on. Usually if a person were to acquire info about one‘s bank branch and they can take it

from there. The phone banking officers merely ask for your name, and then your query and ask for account





















number or other verification in which your date of birth can be used. It is a vital information for a person

who is already thinking on the lines of fraud, one lead for them can be enough.


bharat shah says:

as i remember , in Saudi Arabia in 1982-85 , you could not make rubber stamp of any thing (of your name,

firm name, etc.) freely as we used to in India, when i was there. that might be for such safety reasons.


Credexpert says:

Dear Manasi,

We would request you to first check and confirm that all the demographic details (name, pan card, telephone

number, address, email-id, etc), account details (loan / credit card accounts belong to you and the lending

institutions

name, date open, date closed), enquires details which are reflecting on your credit report are correct and

confirm that all credit accounts belong to you.

If for any reason any or all of these details incorrect then there is a possibility that someone else account

details have been merged into your credit report or there might be the extreme possibility of an ID theft.

We would request you to contact the credit bureau from where you have availed your credit report and

provide the correct details and ask them to update the same.

Even after updating the demographics and correcting the erroneous details in your credit report, still the

wrong account information is reflecting then it is the possibility of an ID theft.

At this point you will have to visit each and every lending institutions from whom you have not borrowed

prove your identity and ask them to remove this erroneous detail from your credit report.

It is a tedious task to follow up with all the lending institution coordinating and managing communications.

Warm Regards,

Credexpert


Deepak says:

Thanks for giving warning to all….

But… is the CIBIL score is the only option to check something happened like this?? or any other ways to

identify these kind of frauds?

- Deepak.



CIBIL is the only way right now














Yea I can see that now . Its one of the clues which is required for breaking under your security zone, so why

to compromise on that ! . .good one



Ohh .. this is so strange !


Joel Trinidade says:

It could also be used by hacker so that the victim does not get the sms of the transactions and by the time

he gets it the money has already gone.

Posted on October 4th, 2013


