Mobile banking numbers are widely used to directly transfer the funds through mobile banking apps. You can use Fonepay direct in your mobile banking app to transfer funds to another bank account.
However, you’ll be in trouble if you fail to notify to the bank if you change your mobile number. If your SIM card is not used for more than a year, it might put your bank account at risk, affecting your mobile banking experience.
Do you know the telecom companies resell the SIM cards that are not used for more than a year?
If you have not used your SIM card for more than a year, it might be owned by some others who buy that SIM. In such case, all your credentials linked with your SIM card will be at risk.
For instance, your banking details might be used by others if you do not inform about the changed mobile banking number
If you have changed your mobile number but forgot to inform the bank about it, your registered mobile banking number might be used by some other people. And when the bank tries to contact you through that number, it will not reach to you.
In such case, your credentials and confidential informations might be compromised. The reason is you have trusted your bank with the number you provided. And if it is on the hands of others, it will put your banking details at risk.
NTA has instructed the telecom companies to recycle unused SIM cards
Nepal Telecommunication Authority (NTA) has changed the rules on recycling existing SIM cards, requiring mobile service providers (MSPs) to recycle unused SIM cards after one year. Previously, it was set for six months.
As per the rule directed by NTA, a telecom needs to block the Sim cards left unused for a one year period. That means if a customer does not use any service with the sim card for a year, the sim card will become inactive automatically. Then, the telecom operators can resell the numbers as a new SIM for the new users.
This created a hurdle for banking operations since the change in number without the bank’s notice left problems in mobile banking experience of the customers.
As a result, the bankers’ association approached NTA with a request to lessen the security risk that had arisen as a result of the reissuing of useless mobile numbers in just six months. Hence, it was revised to one year period.
Always make sure the number you use and your mobile banking number are same
Sunrise Bank Limited has recently issued a noticed for its customers to update their KYC account with their mobile banking number.
This is because these days you can simply transfer the funds through your mobile banking app using Fonepay Direct.
In this case, you would be in trouble if your number is unused for more than a year. What would you do if the telecom company sold your unused SIM to a new user?
So, it’s better to inform your bank about the change in your mobile number once it is changed. This will prevent from the misuse of your mobile banking details.
How to update your new mobile number in your mobile banking?
If you changed your mobile number or got rid of your old mobile number, you have to update it in your mobile banking system. You need to:
- Notify your nearest branch about the change in your mobile number
- Then your new mobile number will be updated in the system and you will be able to receive OTP in that new number
- If the bank sends you an email with a link to update your mobile banking, you can go through that link too to update your mobile number
Also Read: What is Integrated SIM (iSIM)Technology?