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Stay Safe from Identity Theft

  • Highlights

  • Identity theft is one of the major threats to financial security

  • Identity theft can damage your credit score and empty your funds

  • It can be prevented with awareness and adopting safety measures

Picture this scenario - Mr. X goes to a bank. Here he pretends to be Mr. Y. He produces some fake documents to help his impersonation and gains access to Mr. Y’s funds. This is a crime and is punishable by law, right?

Virtual identity theft is just as serious a crime and it can be just as damaging to you financially. This makes it very important that we stay aware and protected, particularly since digital transactions are on the rise and so are cases of identity theft. Let’s look at how to stay safe from identity theft.

Stay Safe From Identity Theft

Awareness is power

By now, most of us who use credit/debit cards, online investment, or banking accounts understand what phishing attempts are. We have also learned to safeguard ourselves by not sharing passwords, OTPs, and confidential codes. Identity theft, however, can be more difficult to understand and prevent. A ruthless hacker can steal your identity in many ways. Your discarded paper bank statements or credit card bills, your information from promotional forms that you fill in, data records that can be breached by virus attacks or malware, unsecured data sent over unsecured wireless networks – this is how your identity may be stolen.

Signs of identity theft

  1. One sign of identity theft is that you no longer receive credit card bills or bank account statements in your email or through regular mail.

  2. A sudden drop in credit score without any default or significant credit-related activity from your end.

  3. Withdrawals from your bank account or charges on your credit card that you cannot identify. These could be transactions that you have not made.

  4. Being denied a loan or credit card application on the basis of a poor credit score when you know that you have a good credit track record.

  5. Receiving calls from debt collectors when you have not taken any loans.

  6. Your phone SIM card suddenly stops functioning without any warning.

Identity theft is preventable

Identity theft may seem very daunting and scary but it can be prevented. Here’s what you can do –

Stay Safe From Identity Theft
  • Always keep an eye on your credit score, credit card statements, investment, and bank statements. Check the transactions such as withdrawals and expenses.

  • Keep your email and phone number updated with your bank and your investment partners.

  • Do not disclose sensitive information such as your credit card number, bank account number, PAN number, etc. on promotional forms.

  • It is a prudent idea to keep a separate email account for your bank, investment, and credit card transactions and one for all other purposes.

  • If your SIM card does not work, report immediately to your service provider. If you lose your phone, get the SIM blocked immediately.

  • Ensure you maintain different PINs and passwords for all your financial accounts.

  • Keep yourself updated with the awareness literature published by various banks and NBFCs such as Bajaj Finserv.

What to do if your identity is stolen?

  • Immediately report the incident to your bank or credit card company or financial service provider.

  • Lodge an FIR with the local police and report the identity theft to the National Cyber Crime Reporting Portal- https://cybercrime.gov.in/

Savdhaan Rahein. Safe Rahein.

Read more:
• Cautionary Note - https://www.bajajfinserv.in/cautionary-notice-new.pdf
• Infosec Page - https://www.bajajfinserv.in/infosec-pages
• Fraud Awareness Blog - https://www.bajajfinserv.in/insights/fraud-awareness

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