Borrowers use others’ PAN to get loans on fintech Dhani - Times of India

Borrowers use others’ PAN to get loans on fintech Dhani – Times of India

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CHENNAI: The significance of strong e-KYC checks and adequate personal data security at new age lending apps came to light on Tuesday when several people took to Twitter to complain their PANs had been misused. They alleged Indiabulls-owned fintech startup Dhani had disbursed loans on their PANs to third-parties, without them availing such loans.
These loans are now reflected in credit reports of the impacted individuals as defaults, and some of them are also staring at showcause notices besides facing calls by collection agents.
Most of these disbursals are also said to have happened in the Dhani e-wallets and not in bank accounts.
When contacted by TOI, Dhani, a digital healthcare and transactional finance platform, said that “a few cases where unscrupulous people have used other people’s PANs and thus credentials from credit bureaus to take a loan through the fintech operation on the app” had come to its notice. “We will leave no stone unturned to mitigate any possibility of identity theft on our platform,” a spokesperson of Dhani said. Listing the measures it had taken, Dhani said it was currently talking to all the complainants and establishing if it is a case of identity theft before rectifying their records in the credit bureaus immediately. “We have integrated with G-defence, which is a global security platform, to further re-verify each device against a specific customer and PAN through various data-fields. This will stop these stray incidents of identity thefts,” the spokesperson added. The company has also increased its customer service team to 6,500 people to attend to the queries coming in.
The company did not specify the business impact of the fraudulent loans.



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