Have you heard about “SKIP” from Credit Bureau?
One of the interesting tools offered by the Credit Bureaus on fraud detection is Skip.
Eg. Person-A has bought a credit card from SBI and uses it up to INR 50k, throws away the card and leaves Mumbai and go back to Chennai. SBI tries to contact Person-A several times, goes to his registered address, but he’s not there.
2 years later, Person-A applies for a credit card in Chennai with HDFC, then the bureau will tell the SBI(who is subscribed to Skip) back in Mumbai – here is Person-A with the PAN card registered with you, go catch him 🙂