Mumbai: Experts Sound Alarm Over Loan Fraud Using Leaked Identity Details
· Free Press Journal
Mumbai: Recently, a social media reel grabbed attention by highlighting how leaked identity data is being misused by fraudsters to take loans in the names of unsuspecting persons. Banking experts say it is now extremely important to keep PAN and Aadhaar details secure, as such information can be misused by fraudsters to obtain loans through suspicious loan apps, which can negatively impact the victim’s CIBIL score.
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“The nationalised banks and reputed private banks follow strict RBI rules and guidelines while sanctioning loans, which include proper verification of the applicant’s credentials. Hence, their involvement in such incidents is highly unlikely. However, some private institutions and loan apps may indulge in practices of granting loans without proper verification of applicants, which can lead to such fraud. In such cases, both the loan giver and the person seeking the loan are at fault as it amounts to fraud because the identity details of another person are being used,” said an expert in the banking sector.
Mumbai Crime: Dharavi Cops Book Bio Estate Solution Chairman, Directors For ₹49.46 Lakh Crypto Fraud Promising High Returns On 'BioCoin'“In such situations, the affected person, in whose name the loan has been taken without knowledge, can approach the RBI’s Ombudsman and file an online complaint. If such foul banking practices followed by new-generation private sector banks are not controlled by the regulator, then both the banks and the regulator will be responsible,” said another expert, Vishwas Utagi.
He further added, “App-based systems do not always have foolproof safeguards, so customers must remain cautious. Instead of approaching such app-based institutions, customers should rely on reputed banks.”
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