Protecting accounts from unauthorized phone calls

 A very valid concern!


In India, fraudulent telephone calls asking for OTP (One-Time Password) or other sensitive information can potentially compromise your Savings Bank (SB) account. However, the risk of looting Fixed Deposits (FDs) through similar fraudulent means is relatively lower.


Here's why:


Key differences between SB accounts and FDs

1. _Access restrictions_: FDs are time deposits with a fixed maturity period, and premature withdrawal often involves penalties. This makes it more difficult for fraudsters to access FD funds.

2. _Closure procedures_: As you mentioned, closing an FD involves a more complicated procedure, which can help prevent unauthorized access.

3. _Lack of debit cards or online banking_: FDs are typically not linked to debit cards or online banking, reducing the risk of fraudulent transactions.


Possible risks to FDs

1. _Identity theft_: If a fraudster obtains your personal and banking information, they might attempt to create a fake FD in your name or try to withdraw from an existing FD.

2. _Insider threats_: Bank employees or agents with access to your account information could potentially compromise your FD.


Precautions to protect your FDs

1. _Monitor your accounts regularly_: Keep a close eye on your FD accounts and report any suspicious activity to your bank.

2. _Use strong passwords and 2FA_: Ensure you use robust passwords and enable two-factor authentication (2FA) for your online banking and mobile banking apps.

3. _Be cautious with phone calls and emails_: Be wary of unsolicited phone calls or emails asking for sensitive information. Verify the authenticity of such requests by contacting your bank directly.

4. _Update your contact information_: Ensure your bank has your current contact information, including your phone number and email address.


While the risk of looting FDs through fraudulent telephone calls is lower, it's essential to remain vigilant and take precautions to protect your accounts.

Popular posts from this blog

M T Vasudevan Nair

My entry into the world of Malayalam literature was through the masterful writings of M. T. Vasudevan Nair, whose passing today feels like a deeply personal loss. It was his novel Manju (Mist) that first drew me into this literary universe. The story, much like its title, was enveloped in an atmosphere of melancholy and mystery. It unraveled slowly, like mist clearing in the morning light, revealing truths that were profound yet heartbreakingly simple. The characters, their struggles, and their silences lingered in my mind long after I turned the last page. It was not just a novel; it was an experience. I returned to it over and over, each time discovering something new, as though the book was speaking directly to the depths of my soul. To this day, I cannot count how many times I have read Manju—it became, and remains, a companion to my thoughts. After Manju opened the door, M. T.’s other works beckoned me forward. I was soon engrossed in Nalukettu, a story that painted a vivid portra...
Read more

The concept of ghost writing

  Ghostwriting in the industry 1. _Common practice_: Ghostwriting is a common practice in the publishing industry, where a person hires a writer to create content on their behalf. 2. _Celebrity autobiographies_: Many celebrity autobiographies are written by ghostwriters, who work closely with the celebrity to capture their voice and story. 3. _Thought leaders and influencers_: Thought leaders and influencers often hire ghostwriters to help them create high-quality content, such as books, articles, and blog posts. Benefits of hiring a ghostwriter 1. _Time-saving_: Hiring a ghostwriter saves the vlogger time and effort, allowing them to focus on their core activities, such as creating content for their YouTube channel. 2. _Quality content_: A ghostwriter can bring a high level of writing expertise, ensuring that the content is engaging, well-researched, and polished. 3. _Consistency_: A ghostwriter can help maintain a consistent tone, style, and voice throughout the book, which is es...
Read more

Elephant Migration

** The Escalating Conflict Between Humans and Elephants: An Analysis of the Impact of Climate Change** The increasing incidences of elephants encroaching into human settlements in search of water and food present a vivid manifestation of the broader environmental crisis fuelled by climate change. This essay explores the complexities of this escalating conflict, which not only threatens the survival of the majestic Asian and African elephant species but also poses significant risks to human communities. The fundamental issue at the heart of this conflict is habitat loss, driven largely by climatic fluctuations and exacerbated by human activities such as deforestation and the expansion of agricultural and urban areas. As natural forests dwindle and water sources dry up, elephants, which are known for their large home ranges and dependency on vast quantities of water, are forced to venture into human-dominated areas. This migration is driven by a desperate search for the necessities of su...
Read more