UPI Users Alert: Beware of the New ‘Jumped Deposit’ Scam – Tips to Stay Safe
UPI Users Alert: Beware of the New ‘Jumped Deposit’ Scam – Tips to Stay Saf
Jumped Deposit Scam Explained:
A new cyber fraud scheme, dubbed the ‘Jumped Deposit’ scam, is targeting UPI users, exploiting their curiosity to steal money. First flagged by the Tamil Nadu Police’s Cyber Crime Wing in December 2024, the scam has been on the rise since.
The scam begins when fraudsters transfer a small amount—often Rs 5,000—to the victim’s bank account via UPI. Shortly after, they initiate a withdrawal request for a much larger sum. This unexpected deposit often triggers the victim to check their account balance immediately.
Here’s where the fraud takes place: when the victim opens their banking app and enters their UPI PIN, the scammer’s withdrawal request is automatically authorized, giving them access to the victim’s funds. Scammers rely on the victim’s surprise and haste to exploit this vulnerability.
How to Stay Safe from the ‘Jumped Deposit’ Scam
UPI users can adopt these simple precautions to safeguard their accounts:
- Wait Before Checking Your Account: If you receive an unexpected deposit, wait for 15-30 minutes before opening your banking app. This delay allows any fraudulent withdrawal requests to expire, preventing unauthorized access to your funds.
- Enter an Incorrect PIN: If you must check your account immediately, deliberately enter an incorrect UPI PIN. This will reject any pending withdrawal requests and protect your account from unauthorized transactions
By staying vigilant and following these steps, you can protect yourself from falling victim to this emerging scam. Stay alert and spread the word to keep others safe!
