Amid the increasing threat of digital banking scams, Axis Bank has launched a new security feature called “Lock FD” to safeguard customers’ fixed deposits. The measure is aimed at preventing unauthorised withdrawals and adding a stronger layer of protection to savings.
The “Lock FD” feature stops premature closure of fixed deposits through digital platforms such as mobile and internet banking. This ensures that even if cybercriminals obtain a customer’s login credentials through phishing or other online fraud methods, they cannot instantly liquidate the deposit. Instead, a secure, manual process is required.
To close a locked fixed deposit, customers must visit an Axis Bank branch in person. There, bank staff will carry out both identity and physical verification before processing the request. This step is designed to work alongside existing digital security measures and is particularly useful for customers who prefer traditional banking methods for sensitive transactions.
Enabling the “Lock FD” feature is simple. Customers can activate it by logging into the Axis Bank mobile application, accessing their FD details, and turning on the lock option. They can also visit any Axis Bank branch to request activation through a bank representative. The process is intended to be straightforward for customers of all levels of digital familiarity.
Alongside “Lock FD,” Axis Bank is introducing other security upgrades, including an in-app mobile OTP system. This enhancement aims to protect one-time passwords from being intercepted by malicious applications and strengthen authentication for all digital transactions.
By adding these measures, Axis Bank seeks to create a safer banking experience, making it harder for fraudsters to target customers’ deposits while maintaining ease of access for legitimate users.
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