Banks have discovered several cases of identity theft where fraudsters have created a new third-party identity using misappropriated KYC documents, such as copies of phone bills and PAN card, to avail of credit cards or loans.
MUMBAI: Leaving your 'know your customer' (KYC) documents floating around can be dangerous for your financial well-being. Banks have discovered several cases of identity theft where fraudsters have created a new third-party identity using misappropriated KYC documents, such as copies of phone bills and PAN card, to avail of credit cards or loans.
Some weeks ago, a Mumbai resident found that his identity had been stolen and a fraudster had been using a credit card obtained by misappropriating his KYC documents. Besides this, there are several cases where identity theft attempts have been made, but have been nipped in the bud by banks using fraud detection software.
In another case, a fraud attempt was detected after two applicants for a primary and add-on card provided details that differed from what was provided by identical applicants in another application. The fraud was detected because the bank used a fraud detection service called Hunter provided by Experian.
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