Beware of Jumped Deposit Scam: New Threat to Digital Payments in India
While digital payments have become the mainstay of financial transactions in India, a new cyber scam has emerged, which is threatening UPI users in the country. Dubbed “Jumped Deposit Scam,” this fraudulent scheme has been trending across the nation as cybercrime authorities have issued warnings about it.
How this Scam Works?
The scam usually initiates with scammers depositing a small sum of money in the victim’s bank account by using UPI, like depositing Rs.50. They make this amount so trivial, but it will catch the eye of the victims. Once such a deposit occurs, the scammer contacts them and asks the victim to return some more amount; this is sometimes accompanied by an invented story or false urgency.
The victim, being inquisitive, may open his banking application to check the balance in his account. He is then asked to enter his UPI PIN at this stage. The fraudsters seize this opportunity and create a fake payment request for a larger amount, such as Rs.500. The victim may not know of the scam and authorize the transaction, thereby sending the amount to the fraudster.
The fraudster takes advantage of the gap between the small amount they sent and the higher amount they demand, in this type of fraud.
Rising Incidents and Concerns
Authorities have registered an increase in complaints regarding this fraud, which was also reflected by the Tamil Nadu Cyber Crime Police and the National Cyber Crime Reporting Portal. They warned UPI users to be vigilant when getting an unexpected deposit from unknown persons.
How to Avoid Falling for It?
Follow these guidelines from experts on how to not get caught off guard by the Jumped Deposit Scam:
- Wait Before Checking Your Balance: In case of any suspicious deposit, wait for 15–30 minutes before verifying the same. Most fraudulent withdrawal requests expire in this time. If immediate checking of the balance is a must, an incorrect PIN may be entered to avoid unauthorized transactions.
- Protect Your UPI PIN: Never share your UPI PIN, especially with unknown individuals, regardless of their claims or stories.
- Verify the Deposit’s Authenticity: Always contact your bank to confirm the legitimacy of any unexpected deposits.
Steps to Take If Victimized
Those who have already fallen prey to the scam are advised to act quickly:
1. Incident Reporting: A complaint needs to be filed as soon as possible at the nearest cybercrime police station or via the National Cyber Crime Reporting Portal.
2. Report to Bank: Reporting this matter to the bank is an important step so that appropriate steps may be taken by the bank for account protection.
The Jumped Deposit Scam is an example of how cybercriminals are changing their tactics to exploit digital payment platforms. Vigilance, verification of unexpected deposits, and protection of sensitive information such as UPI PINs are essential to make sure financial security in the digital age.
