How Axis Bank is protecting your FDs from digital frauds
What's the story
Axis Bank has launched a new feature called 'Lock FD,' aimed at preventing premature digital closure of fixed deposits (FDs). The move comes as a response to the increasing cases of digital fraud. The bank said in a statement that the 'Lock FD' option is available on its mobile app 'Open' and across all branches.
Enhanced security
This is how 'Lock FD' works
The 'Lock FD' feature lets customers block premature closure of their FDs through digital channels like mobile and internet banking. This gives an extra layer of protection against cyber threats. Once a deposit is locked, the option for premature closure from digital channels will not be available. This in-branch verification with stringent identity checks reduces the risk of unauthorized access.
User benefits
Feature aims to protect tech-challenged customers
The bank also said that the 'Lock FD' feature is especially useful for customers who are not very tech-savvy and are more prone to digital frauds. Sameer Shetty, Group Executive - Digital Business, Transformation & Strategic Programs at Axis Bank, said this facility empowers customers to protect their term deposits from unauthorized digital access.