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Ways to Tackle Identity Theft

  • Highlights

  • Identity theft is the misuse of your personal and financial information that can put your finances at risk

  • Your identity can be stolen by scammers and used to make fraudulent transactions

  • Learn more about dealing with identity fraud to stay protected

Each year, hundreds and thousands of Indians become vulnerable to identity theft. Identity theft puts your finances at risk, destroys reputation, credibility, and credit score, and can cost you time and money. Let us look at identity theft, how to stay protected, and ways to deal with it.

What is identity theft?

In simple terms, identity theft is impersonation. It is a situation in which a scammer steals your personal and financial information and makes transactions, shops, and conducts financial activities pretending to be you.


Identity theft could include things like using your credit card to make purchases, withdrawing money using your bank credentials, gaining access to your financial credentials and misusing them, destroying your credit score by making fraudulent transactions, taking out loans and credit in your name etc.

How can someone steal your identity?

identity theft insurance
There are numerous methods that fraudsters can use to steal your identity

  • Gaining access to your email account or phone and stealing sensitive personal and financial information

  • Stealing your credit or debit card to commit identity fraud

  • Stealing your bills, bank statements, financial records

  • Stealing your identity documents such as PAN card, Aadhaar card, passport and using these to take new loans or gain credit

  • Using phishing emails or text messages that carry links seeking personal information

  • Using public networks or fake websites to gain access to your credit card details or financial records

  • Using marketing forms or data farms to gain access to your personal information

  • SIM swap frauds where scammers get a different SIM with your number and use that to divert any transaction alerts or gain access to OTPs

Identity Theft Protection
identity theft insurance

  • Be alert- Monitor your credit reports regularly. You are eligible for one free report per year. Any drop in your credit score must be identified and investigated. Credit score may drop if you do not pay your credit card bills, utility bills, loan EMI on time. It may also indicate fraudulent transactions being made in your name.

  • Monitor credit reports – Impostors list their numbers as merchants on the internet. When you google a shopkeeper's number and reach out, they take down the order and ask for it to be prepaid via UPI. The order never reaches you.

  • Change passwords – Use strong passwords for your financial accounts. Change them regularly. Keep your secure data such as passwords, PIN and CVV numbers confidential. Do not reveal OTPs to anyone.

  • Do not use public networks to make financial transactions or to shop.

Dealing with Identity Theft

  • Report any credit card transactions, banking and financial transactions, or ATM withdrawals that you may not have made immediately

  • Change all your passwords and PINs

  • Block your credit/debit cards and lodge an FIR with the police

  • Report identity theft to the National Cyber Crime Reporting Portal. Report deactivation of your SIM card to your service provider immediately and block the SIM card

  • Create awareness and stay aware of identity thefts

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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