Prateeksha Thakur
Another digital fraud is the “Jumped Deposit” scam, taking root in India, utilizing UPI’s prominence to trap unsuspecting users. A scurrilous method where the immoral parties transfer money, allegedly under deposit cover, from the victim’s bank account-leading to serious unintended repercussions for probably thousands of unsuspecting people as the scam is a high-stakes game.
How the Scams Work
The most ubiquitous of all, a deposit from ₹1,000-₹5,000 might come in through UPI into your bank account. It seems harmless enough, almost like a marketing gimmick or a mere mistake, catching the victim’s eye. The moment you discover the deposit, the scamster sends out a UPI withdrawal request from your bank account for that same amount. Considering the deposit has occurred, if the victim checks the balance of his/her bank account or the transactions, and enters the UPI pin to verify the deposit, he/she unknowingly gives thumbs-up for the withdrawal request. Then, the scamster cleans out the account before the victim realizes that any money has left.
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The scam has already claimed many victims, leaving them frustrated and helpless.
“I was confused when I saw ₹3,000 credited to my account. I thought it was a gift from my bank. But then, when I checked later, I found ₹5,000 had been withdrawn,” said Manoj Sharma, a Delhi resident. “I didn’t even realize what happened until it was too late.”
Ravi Kumar, a software engineer from Bengaluru, had a similar experience. “It was such a small amount that I didn’t think twice. But when I saw the withdrawal request, I entered my PIN without thinking. By the time I realized, the money was gone,” he said, visibly frustrated.
Authorities Confirm the Scam
The ‘Jumped Deposit’ scam has been verified by credible sources like the Bangalore Mirror and the Cyber Crime Wing of the Tamil Nadu Police. Both have issued warnings to UPI users about this rising digital fraud and have urged everyone to stay vigilant while making digital payments.
How to Protect Yourself from This Scam
Experts have outlined simple steps to help protect yourself from falling victim to this scam:
- Wait Before Checking: If you receive an unexpected deposit, don’t rush to check your account. Wait for 15 to 30 minutes to allow any unauthorized withdrawal requests to expire.
- Try an Incorrect PIN First: When you check your account after a suspicious deposit, deliberately enter an incorrect PIN. This can cancel any pending unauthorized withdrawal requests.
- Verify with Your Bank: If you’re unsure about a deposit, always contact your bank to confirm its legitimacy before using your UPI app.
- Stay Informed: The best way to avoid such scams is by staying informed. Share this information with your friends and family to ensure everyone is cautious.
While digital payments and UPI have made transactions incredibly convenient and superfast, they have, however, opened a Pandora’s box for cybercriminals. ‘Jumped Deposit’ scam serves as a wake-up call of the many threats lurking in digital payment systems.
So again, if, for some reason, a deposit shows, don’t rush into it. Rather confirm and confer, and stay safe. Spread this information among your loved ones so that they too can help build a safer online banking experience for all.
NI Bureau
