What is ‘jumped deposit scam’ targeting UPI users? Check two ways to protect yourself from new con ploy

The jumped deposit scam is a new cyber scam targeting unified payments interface (UPI) users. Fraudsters first lure victims by making an unsolicited small deposit in their bank accounts.

How does it work?

A fraudster sends a small amount to the victim's bank account through UPI. Then, they immediately request a withdrawal of a greater amount. Due to this unexpected deposit, the victim may check their bank account balance promptly. To open bank details, the victim will have to enter personal identification number (PIN), the fraudulent withdrawal gets approved. Fraudsters take away the difference amount.

The Tamil Nadu Cyber Crime Police had earlier warned the public to be vigilant against such unexpected deposits.

“Scammers exploit the recipient’s curiosity over an unsolicited deposit to access their funds,” The Hindu reported quoting officials.

The National Cyber Crime Reporting Portal received multiple complaints regarding the new scam, it added.

What should be done?

UPI users can protect themselves from jumped deposit scam in two ways.

• When you notice an unusual deposit in your bank account, wait 15-30 minutes before checking the bank balance, as the withdrawal requests expire after some time.
• If you do not have time to wait a few minutes, try entering an incorrect PIN number intentionally to decline the previous transaction.

Additionally, if you find an unexpected or sudden credit in your account, inform your bank to ensure authenticity. Victims of the scam must complain to the nearest cybercrime police station or the cybercrime portal.

Amid increasing cybercrimes, the State Bank of India recently highlighted various cyber crimes, such as false customs claims and digital arrests. The bank urged its customers to report suspicious calls and verify any unexpected financial requests to protect themselves. 

It described scams such as digital arrests in which fraudsters pose as fake police officials and threaten to interrogate you over fake criminal activity. Some fraudsters may offer high sums of money as remuneration for simple tasks. They might then ask for a security deposit.