Users of the unified payments interface (UPI) are the victims of a recent cyber fraud known as the "jumped deposit scam." First, scammers persuade victims by making a modest, unsolicited deposit into their bank accounts.
How does it operate?
A scammer uses UPI to transfer a tiny sum to the victim's bank account. After that, they ask for a larger withdrawal right away. The victim might quickly verify their bank account amount due to this sudden deposit. The victim must input their personal identification number (PIN) to access their bank details, and the stolen withdrawal is authorized. The difference money is stolen by fraudsters.
The Hindu reports, “Scammers exploit the recipient’s curiosity over an unsolicited deposit to access their funds.”
The public was previously warned by the Tamil Nadu Cyber Crime Police to exercise caution when dealing with such unforeseen deposits. It noted that the latest scam was the subject of numerous complaints to the National Cyber Crime Reporting Portal.
What to do?
There are two methods UPI customers can use to guard against jumped deposit scams.
Since withdrawal requests expire after a certain amount of time, wait 15 to 30 minutes after noticing an unexpected transaction in your bank account before checking your balance. Try carefully entering an incorrect PIN number to reject the prior transaction if you don't have time to wait a few minutes.
Additionally, to confirm the legitimacy, notify your bank if you discover an unexpected or sudden credit in your account. Scam victims need to file a complaint with the cybercrime portal or the closest police station.
Banking attacks on the rise
The State Bank of India recently highlighted several cybercrimes, including digital arrests and fake customs claims, in light of the rise in cybercrimes. To safeguard themselves, the bank advised its clients to report shady calls and confirm any unexpected financial requests.
It explained scams like "digital arrests," where scammers pretend to be law enforcement officers and threaten to question you about fictitious criminal conduct. For easy chores, some scammers may offer large quantities of money as payment. After that, they might request a security deposit.