With the growing use of Unified Payments Interface (UPI) for transactions, it is important to be aware of potential scams that could lead to monetary losses. One such scam is the Jumped Deposit Scam which is targeting UPI users. It is kind of a financial fraud affecting UPI users.
Here’s what you need to about this scam and its prevention
In this scam, fraudsters lure the victim first by making an unsolicited small deposit in their bank accounts through UPI. After this, they immediately request for withdrawal of larger amount. A user may check his bank account after receiving this unexpected sum, not initiated by him. To open bank details, victim will have to enter his personal identification number (PIN), this way the fraudulent withdrawal gets approved. As soon as he enters the PIN, the pending request gets approved with the fraudsters taking away the difference amount.
In the era of digital transactions, where scammers are always on prowl, one needs to be vigilant. Tamil Nadu Cyber Crime police had earlier warned public to stay aware of these kind of frauds. “Scammers exploit the recipient’s curiosity over an unsolicited deposit to access their funds,” The Hindu reported quoting officials.
How To Protect Yourself?
Now the question arises that how can you protect yourself from such scams. As the saying goes, ‘Prevention is better than cure,’ same applies here in this case. While one can’t foresee when and how things can occur to him, he can look for the ways to prevent it.
Following are the ways that one can follow to protect themselves from Jumped Deposit Scam:
Wait for 15-30 minutes before checking your bank balance, if you see an unexpected deposit in your bank account. This is advised as the withdrawal requests usually expires after some time.
Try entering an incorrect PIN intentionally, if you can’t wait or don’t have that much time. This is recommended to decline the previous transaction.
Inform your bank immediately if you see an unexpected deposit. Report to your nearest Cybercrime Police Station or portal.
