Cybercriminals have introduced a new scam targeting UPI users, referred to as the ‘Jumped Deposit Scam,’ where unsuspecting victims are tricked into losing money. Reports have been flooding in from across the country as more people become aware of this growing threat.
How the Scam Works
The scam begins when fraudsters transfer small amounts of money into a victim’s bank account via UPI. The victim receives a notification and opens their payment app to investigate the unexpected deposit. Soon after, the scammers send a ‘Collect Money’ request, prompting the victim to enter their UPI PIN to validate the payment. This step is misleading as it grants unauthorised access to the victim’s account, resulting in a debit they did not approve.
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Authorities Issue Warnings
Following numerous complaints reported on the National Cyber Crime Reporting Portal, Tamil Nadu Police issued a public warning. They advised UPI users to remain cautious about unexpected deposits from unknown sources. However, experts assure that the UPI system has strong safeguards in place to prevent unauthorized transactions.
The National Payments Corporation of India (NPCI) addressed technical misconceptions surrounding the scam. NPCI clarified that simply opening a UPI or bank app does not approve a transaction. A user must actively navigate to a payment request and click the ‘pay’ option to authorise any payment. Without this action, a transaction will not proceed. NPCI emphasised that UPI is a secure, device-based system. Only the registered user can initiate a transaction, ensuring no external party can directly withdraw funds.
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Additionally, NPCI clarified that inputting a PIN for balance inquiries does not authorize transactions or withdrawals, as these are treated as separate actions. The UPI system continues to follow stringent safety protocols and regulatory measures, supporting the adoption of digital payments.
How to Protect Yourself
To avoid falling victim to the scam, follow these two steps:
- Delay Checking Your Balance: Wait for 15-30 minutes before reviewing your account after receiving a credit notification. This delay helps any fraudulent withdrawal requests to expire.
- Enter an Incorrect PIN: If immediate action is needed, intentionally entering an incorrect PIN will block any pending transactions.
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What to Do if You’re Targeted
If you receive an unexpected deposit, inform your bank and report the incident to your nearest cybercrime police station or the National Cyber Crime Reporting Portal at www.cybercrime.gov.in. Quick reporting increases the chances of recovering stolen funds and prevents further exploitation.
The rise of the “Jumped Deposit Scam” highlights the need for vigilance in managing digital transactions.