Fixed Deposit Fraud: How to Stay Protected
Fixed deposit frauds are increasingly common these days, as cybercriminals trick the gullible into sharing vital information. Here is a list of do’s and don’ts to avoid falling into fixed deposit fraud.
Cybercriminals have intensified their fraud activity as a result of digitization. Today, we must be vigilant against them because these fraudsters have long targeted consumers on the Internet in order to engage in illicit activities. Customers should be aware of all facts gathered when booking an FD. Almost all banks and NBFCs offer websites where consumers can check all their FD information and execute transactions. However, it is essential to note that:
This information could be used to undertake fraudulent activities if it falls into the wrong hands. To prevent such a situation from happening, make sure to keep an eye on your portal and track every transaction.
What can you do to stay safe?
Not to do-
Customers should not share their personal or financial information with anyone. The only method to distinguish fake agents from legitimate agents is to remember that no representative will ever ask for personal information such as a password, OTP, CVV or card number over the phone, e- email or in any other way.
If your bank account has been unexpectedly debited and a “bank official” calls to rectify the problem, always check the caller before answering or taking any action. If you believe you have been the victim of fixed deposit fraud, file an FIR with local law enforcement and notify your bank or NBFC partner.
(Edited by : Ajay Vaishnav)