Are FIXED DEPOSITS Still Safe From Scammers???

 

Traditionally, we are all taught that despite the scams happening everywhere, once we funnel our accounts via FIXED DEPOSITS, it becomes safe.  NOT so fast, dude, because the answer there is both a YES and NO.  As we all know, bank accounts can be 'taken over' by scammers if they gain access to your banking credentials.  So, are FIXED DEPOSITS safe from those 'bad actors'?  WHAT else can we do then???

In one particular Asian country, just in December 2024, at least 103 people were literally duped of at least US$ 122,00, no thanks to phishing scams involving the inpersonation of banks through spoofed SMSes.  A month earlier, an elderly pensioner lost almost $260,000 to scammers WHEN she sold her unit trust investments that she held WHEN she followed the instructions given to her by someone impersonating as the bank officer and before she knew it, it was GAME OVER💧💧💧

The truth is, with scammers gaining access to internet banking credentials and one-time passwords [OTP] through their deceptive tactics, bank accounts can then be easily 'taken over', and traditionally, secure investment products like FIXED DEPOSITS are now NO longer immune.  One misconception about FIXED DEPOSITS raises that scary risks to innocent people💥💥💥

One think WHERE we need to raise awareness is the misconception that FIXED DEPOSITS can be withdrawn only upon its maturity.  NO sirrrrrrs.  Even premature withdrawals are possible although it will incur some fees [BUT NOT significant enough to deter those scammers]😡😡😡

Our takeaway:  Dude, all it takes is for a scammer to have access to your internet banking account for your FIXED DEPOSIT account to be vulnerable and fall prey to another trick up in their sleeves.  Our fix:  UNLESS you have a compelling reason, please DO NOT ADD OR INCLUDE YOUR FIXED DEPOSIT ACCOUNTS within your internet banking account.  Please DO NOT BE LURED by the convenience of internet banking because in the first place, you DON'T intend to initiate transactions to that FIXED DEPOSIT, NOT UNTIL when maturity comes, right dude???