Jumped Deposit Scam: How To Protect Your Bank Accounts From The New UPI Scam?

In an era of digital convenience, cybercriminals continue to invent new ways to deceive individuals and steal money from their bank accounts. The latest threat, known as the “Jumped Deposit Scam,” targets users of Unified Payments Interface (UPI), one of the most popular digital payment systems in India.

This scam involves an unusual twist: cybercriminals deposit money into a victim’s bank account and then manipulate the situation to steal even more from unsuspecting users. Authorities, including the Tamil Nadu Police, are sounding the alarm to raise awareness and help people protect themselves.

How the Scam Works

The scam begins with the perpetrator transferring a small amount of money into the victim’s bank account through UPI. Shortly after, the fraudster sends a request for a larger sum, often claiming it is a mistaken transaction or another plausible excuse.

Here’s where the trick happens:

1. When the victim receives the credit notification, their natural instinct is to check their bank balance.
2. To do so, they open their UPI app and enter their Personal Identification Number (PIN).
3. Unbeknownst to the victim, the scammer has already sent a withdrawal request. The moment the PIN is entered, the fraudulent withdrawal is approved, and money is siphoned out of the victim’s account.

Police Issue Warnings Against the Scam

The Tamil Nadu Police have issued a formal advisory to alert the public about this emerging scam. Numerous complaints have been reported on the National Cyber Crime Reporting Portal, prompting the authorities to act swiftly.

“People should be cautious about unsolicited UPI payments from unknown sources,” the police warned. They emphasized that vigilance is key to avoiding falling victim to such tactics.

Protecting Yourself from the Jumped Deposit Scam

There are simple yet effective steps UPI users can take to safeguard their funds:

1. Wait Before Checking Your Balance:
   If you receive a credit notification from an unknown source, avoid opening your UPI app immediately. Waiting for 15-30 minutes allows any pending withdrawal requests initiated by fraudsters to expire. Without the PIN, the scammer cannot complete the transaction.
2. Enter an Incorrect PIN Intentionally:
   If you need to check your balance urgently, you can enter an incorrect PIN. This will cause any pending withdrawal requests to fail. Once the fraudulent attempt is blocked, you can proceed to check your balance safely.
3. Report Suspicious Activity:
   If you suspect any fraudulent activity, report it immediately to your bank and the National Cyber Crime Reporting Portal. Prompt action can minimize potential losses.

A Growing Threat to Digital Safety

As digital payment systems like UPI become more widely used, scams such as the Jumped Deposit Scam highlight the importance of maintaining vigilance. While these systems are secure when used correctly, criminals exploit human behavior and lack of awareness to their advantage.

“People must stay informed about these new methods of fraud,” said an expert in cybersecurity. “Awareness and caution are the first lines of defense against cybercrime.”