Senior Citizen Accounts: Why Not to Share Third-Party Contacts

Your registered contact number is more than just a way for your bank or financial institution to reach you. It acts as a gateway to your financial security by enabling essential services like OTP authentication, transaction alerts, and account recovery. Here is why it matters:

• OTP Authentication: Every time you make an online transaction, update your details, or access your account, an OTP (One-Time Password) is sent to your registered mobile number. This ensures that only you can authorise these actions.
• Transaction Alerts: Real-time SMS alerts for transactions help you monitor your account activity. If someone tries to access your account without your knowledge, you will be instantly notified.
• Account Recovery: In case you forget your login credentials, your registered mobile number is often used to recover access to your account.

Example: Imagine missing a transaction alert because your contact number was updated to someone else’s without your knowledge. This could lead to unauthorised withdrawals or purchases, causing financial loss.

Secure your account now with these simple steps. Ensure your contact details are always up to date and never shared with third parties.

Updating your account with a third party’s contact details may seem harmless, especially if it is a close friend or relative. However, this action can expose you to several risks:

• Identity Theft: Fraudsters can misuse your account information to impersonate you and commit financial crimes.
• Phishing Attacks: Third parties may unknowingly fall victim to phishing scams, exposing your account details to cybercriminals.
• Account Takeovers: If a third party gains control of your contact number, they can intercept OTPs, change account passwords, and take over your account.

It is essential to understand that even well-meaning individuals can inadvertently put your financial security at risk. Always ensure your contact details are personal and confidential.

Update your details safely today! Do not compromise on your financial security by sharing sensitive information with others.

Scammers use various tactics to exploit unauthorised contact changes. Here are some common methods:

• OTP Interception: Scammers trick the third party into sharing OTPs sent to their number, gaining access to your account.
• Phishing Links: Fraudsters send fake links to the third party, prompting them to enter sensitive account details.
• False Urgency: Scammers create a sense of urgency, claiming that updating contact details is critical to avoid penalties or account freezes.
• Social Engineering: Fraudsters manipulate emotions to gain trust and convince the third party to share confidential information.

Stay alert and vigilant. Avoid falling for these tactics and always verify the source before taking any action.

The consequences of updating third-party contacts can be severe. Here are a few real-life scenarios to illustrate the risks:

1. Shared OTPs Leading to Fraud: A senior citizen allowed a relative to update their contact details. The relative unknowingly shared an OTP with a scammer, leading to unauthorised withdrawals from the account.
2. Trusted Relative Misuse: A senior trusted a family member to manage their account. The family member misused the access to make unauthorised purchases, leaving the senior in financial distress.
3. Phishing Attack: A third party received a phishing email and, thinking it was legitimate, entered the senior’s account credentials. This resulted in account takeover by fraudsters.

These examples highlight the importance of keeping your contact details private and secure.

Recognising warning signs can help you avoid falling into traps set by fraudsters. Here are some red flags to watch out for:

1. Requests for OTPs: Legitimate organisations will never ask for your OTP. Be cautious of anyone requesting this information.
2. Unsolicited Phone Calls: Calls claiming to be from “official representatives” asking for account details should be verified directly with your financial institution.
3. Pressure to Act Quickly: Fraudsters often create urgency, pressuring you to update details immediately.
4. Unverified Links: Avoid clicking on links sent via SMS or email without verifying their authenticity.

Stay cautious and protect your account. If something feels suspicious, take a step back and verify before proceeding.

Updating your contact details securely is crucial to maintaining your account’s integrity. Bajaj Finserv offers secure and reliable methods for updating your information:

• Bajaj Finserv App: Use the official app to update your contact details in a secure and user-friendly manner.
• In-Branch Services: Visit your nearest Bajaj Finserv branch to update your details with the assistance of authorised representatives.
• Customer Care: Contact Bajaj Finserv’s official customer care for guidance on updating your information.

Get your NOC instantly once your account is secured! Choose a secure method that suits your needs.

Follow these steps to update your contact details securely using the Bajaj Finserv app:

1. Download and log in to the official Bajaj Finserv app.
2. Navigate to the ‘Profile’ or ‘Settings’ section.
3. Select ‘Update Contact Details’.
4. Enter your new mobile number and verify it using the OTP sent to your current number.
5. Confirm the update and check for a confirmation message.

Update your details safely today! Following these steps ensures that your account remains secure.

If you must share account responsibilities with someone, ensure they are a trusted individual. Here is what to consider:

• Trustworthiness: Choose someone who has your best interests at heart and will not misuse your information.
• Financial Literacy: Ensure they understand basic financial management and security practices.
• Communication: Maintain open communication to stay informed about any actions taken on your account.

Avoid enabling anyone to have full control over your account. Instead, involve them only when absolutely necessary.

If you suspect any fraudulent activity in your account, take immediate action:

1. Contact Bajaj Finserv Support: Report the issue to Bajaj Finserv’s official customer care.
2. Freeze Your Accounts: Request a temporary freeze on your accounts to prevent further misuse.
3. Update Details: Change your contact details, passwords, and secure login credentials.
4. File a Police Report: If required, file a report with the local authorities to document the incident.

Act quickly to minimise risks. Staying proactive can help you recover from potential fraud.

Protecting your financial accounts is a continuous process, especially for senior citizens. By understanding the risks of third-party updates and adopting secure practices, you can safeguard your financial future. Bajaj Finserv offers trusted and secure methods for managing your account details, ensuring peace of mind.

Secure your account now with these simple steps. Stay informed, stay cautious, and bank securely with Bajaj Finserv.