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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.
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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
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.
A sudden drop in credit score without any default or significant credit-related activity from your end.
Withdrawals from your bank account or charges on your credit card that you cannot identify. These could be transactions that you have not made.
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.
Receiving calls from debt collectors when you have not taken any loans.
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 –
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 Finance.
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.
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Frequently asked questions
Overview
Identification
Prevention
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Identity theft occurs when someone uses your personal or financial details without permission. Fraudsters then conduct transactions, open accounts, or misuse your identity for financial gain.
Once scammers steal your identity, they can:
- Apply for an identity theft loan or credit cards in your name.
- Use your health insurance to claim medical care.
- Rent an apartment or pass a background check using your financial standing.
- Commit crimes and give your details to the police when caught.
Scammers can steal records from a business, pose as a legitimate employer or bank employee, steal your wallet, or even rummage through your trash to find sensitive documents.
Fraudsters can call your creditors and change the mailing address on your account. This allows them to divert your mail to some other location and intercept your sensitive information.
They may impersonate bank or NBFC staff, scan through discarded documents, use malware, steal cards, or gather details from social media and online platforms.
They often create urgency—claiming your card is blocked or your account will close. This pressure leads victims to reveal personal details quickly.
They may open new credit lines, take loans, make illegal purchases, claim benefits under your name, or alter your contact information to hide their activity.
These often lead to phishing pages or malicious apps that capture your credentials. Engaging with unknown sources increases the risk of account compromise.
You must create strong, unique, and complex passwords comprising a combination of letters, numbers, and symbols. Change your password once a quarter and never keep it the same for all your accounts.
It adds an additional layer of verification beyond your password. Even if one detail is exposed, fraudsters cannot access your account easily.
Bills, statements, or receipts may contain sensitive information. Shredding or tearing them prevents scammers from retrieving usable data.
Always use secure websites for your transactions and check for ‘HTTPS’ in the URL. You should never open attachments, links, or respond to emails from untrusted or unfamiliar sources, as they may contain malware.
Immediately inform your bank to freeze your card or account. Quick action prevents further misuse and helps begin the recovery process.
After contacting your bank, you should file an FIR at your local police station and report the incident at the cyber-crime cell.
Alerts notify you instantly of any transaction or login attempt. Early detection allows you to act before more damage occurs.
If you have any queries regarding safe banking practices or suspect a fraud, you can visit the official support page at https://www.bajajfinserv.in/reach-us.
