Switched to a new number? Intimate your bank about this change to keep your money safe | BusinessWORLD NEWS

SHUBHAM S. MAHADIK


Mostly, every sphere of a person’s life has gone digital. From shopping to booking tickets to even going through with their day-to-day work. The convenience of digital has even seeped into the way people move their money. While you would love the ease of transferring money from one account to another from your smartphone, some other aspects have come into the picture that demand mindfulness on people’s part.
And one of these scenarios is when you have changed your contact number. Your smartphone is the cornerstone of your life. It is connected to just about everything. Money gets withdrawn; you get a notification. You need to submit documents at the bank; you get an alert. Finance management is truly mobile.
Let’s dive further into how your contact number is vital for the smooth functioning of your investment accounts:

  • Banks send OTPs on mobile numbers to validate transactions. This is a way to shield transactions with another layer of security.
  • Users also get alerts that help them keep a tab on suspicious activity or get to know about any unauthorised transactions.
  • SMS commands are used to get access to the bank’s services like balance inquiries.
  • Your mobile number plays a crucial role in identity verification when you log in from different devices.
  • Your contact number is also used for the security of your account, such as the OTP to change the password is sent to your mobile number.

These are just some reasons that bring out how vital your mobile number is in your money management, and when you have changed your number, it is imperative that you update your bank about it. A non-updated contact number might be another devious way that fraudsters might use to prey on your hard-earned money.

So, if you have been procrastinating that trip to the bank, don’t wait anymore. An old number is assigned to a new subscriber, and all your bank alerts might be going to the previous number and not the new one. Don’t let your old number be the gateway to new profits for someone else.

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As people continue getting caught up in the humdrum routine of their everyday lives, it is important to remember such details. It is here that HDFC’s Vigil Aunty enters the scene and serves constant reminders about financial mindfulness. She keeps you abreast of the ways fraudsters could try and cheat you off your money, so that you don’t compromise your online security.
To join the Vigil Army, send ‘Hi’ to her via WhatsApp number, and follow her on Instagram and Facebook. For more information, visit here.
Disclaimer: This article has been produced on behalf of HDFC Bank by Times Internet’s Spotlight team.




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