In a time where digitalisation is at its peak, opening a fixed deposit account has become very easy. You can even start your fixed deposit at the comfort of your home. However, if you are not careful enough, you can fall prey to FD fraud and lose out on a whopping amount. Before we get into how to avoid such fixed deposit fraud, let’s first understand what FD fraud is.
Technological advancements have made lives very easy as you can now do any transaction from anywhere. However, this has led to the increased cases of digital fraud too, with FD fraud being one of them. An FD fraud is any fraudulent activity done in your fixed deposit investment. Though Cyber Crime Cell is fully committed to stopping such FD frauds, you as a customer need to be careful too.
If you are not careful enough, you may lose out on your hard-earned money or your personal details and other sensitive information can be leaked. This leaves you exposed to more such fixed deposit frauds. By being cautious while doing transactions or starting an FD, you can avoid being a victim of any FD fraud. Here is a look at some of the important things to keep in mind to avoid FD fraud.
Given below are some of the ways in which you can avoid FD fraud and keep your money safe:
Using the right internet service for doing important transactions like a fixed deposit is important.
Digital fraudsters can steal your information and misuse it if the transactions are not done through a secure network. If you deposit your money or get FD interest income through net banking, always make sure to go for a secure network. Never use any public network for such work because the fraudsters always target the ones on such networks.
Never disclose details about your credit/debit card with anyone while depositing your money in a fixed deposit. You might get a call from an unknown number claiming they are representatives of a reputed company and offering help in depositing your money in a fixed deposit. In such a scenario, make sure you get complete information of the caller and do not share details about your card like CVV or OTP. In case of any suspicious activity, make sure you talk to the Cyber Cell immediately.
For digital fraudsters, hacking your password is an easy task. To avoid this, ensure all your financial accounts have a strong password with a combination of letters, symbols and special characters. Do not keep the same password for a long time and keep changing it to avoid falling prey to hacking. In this way, your FD will be safe and fixed deposit fraud can be avoided.
Starting investments like fixed deposit online and digital transactions are sure of great convenience but, at the same time, also leave you vulnerable to frauds. Cases like FD fraud are likely to increase in the coming future as well. Therefore, to avoid any kind of fixed deposit fraud from happening, being careful and alert is the most important solution. If you feel you have been a victim of any such FD fraud, make sure you reach out to the officials.
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Yes, fraudsters can take money from your fixed deposit account if you share personal details like your bank account number or OTP. Therefore, always ensure you are not sharing such details with anyone.
A fixed deposit is one of the safest investment options but is not completely safe from fraud. You need to be careful while making any transactions of a fixed deposit to avoid fixed deposit fraud.
You get your invested money along with the interest income at the time of maturity in a fixed deposit. If you want your money back before maturity, you can opt for a premature withdrawal of a fixed deposit.