Zerodha’s Nithin Kamath on Ways to Protect Against Identity Theft

With the rise of digital platforms, online identity fraud has exploded. Protecting your private information can be impossible these days. But there are simple ways to protect yourself against identity theft. Zerodha CEO Nithin Kamath shared a tweet suggesting ways to protect against identity theft.

“Here’s how you can protect yourself against identity theft,” Nithin Kamath tweeted with an image that lists 6 steps you can take to protect yourself against identity theft.

How to protect yourself from identity theft

1) Regularly check your credit rating. If any loans have been taken out in your name, they will appear on your credit file.

2) Register for the Consolidated Statement of Account (CAS) of CDSL and NSDL. Any stock or mutual fund transactions made using your PAN will appear on this statement.

3) Create a login on the Income Tax website and follow the Annual Information Statement (AIS) for your PAN. The AIS provides complete information on a taxpayer for a given financial year.

4) Keep track of all your bank and credit card transactions. Identities are stolen not only to create new accounts and loans that you are not aware of, but they are also used to commit fraud using bank, cell phone, credit cards and existing loans.

5) Do not disclose sensitive information on public channels and social networks.

6) Never share account credentials or OTP SMS with anyone

Nithin Kamath said that today it is very easy to verify all evidence submitted by a client by comparing it to the source.

“PAN via Income Tax database, Proof of ID and Address via Digilocker. Bank details using penny deposit feature,” Kamath tweeted.

Sharing a video of the customer verification process in detail at Zerodha, he said that the live in-person verification (IPV) to check if the person opening the account and the details used are from the same person – the most important in stopping identity theft.

Identity theft can affect you in many ways, and there are several ways to identify it.

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