A new cyber scam called 'Jumped Deposit' has become a cause of concern among UPI users. Fraudsters target unknown individuals and authorize withdrawals from their bank accounts. It was identified by the Cyber Crime Branch of Tamil Nadu Police in December 2024. Since then this scam is in discussion.
How does the scam work?
The 'jumped deposit' scam starts with fraudsters transferring small amounts like Rs 5,000 to the victim's bank account through UPI. Shortly thereafter, the scammer initiates a withdrawal request for a very large amount. Unexpected deposits often prompt the victim to immediately check their account balance.
When the victim opens their banking app and enters their UPI PIN to check the details, the scammer's withdrawal request gets authorized allowing them to instantly steal the money. According to officials, scammers gain access to victims' funds by taking advantage of their curiosity about unexpected deposits, The Hindu reports.
How to protect your money
UPI users can take two simple steps to protect their money from 'jumped deposit' scam.
– Wait before checking your account: If you get a credit notice, it's best to wait 15-30 minutes before checking your balance. This delay eliminates any fraudulent withdrawal requests, making it impossible for scammers to access your funds.
– Enter the wrong PIN: If you are in a hurry and can't wait, intentionally entering the wrong PIN will cause any pending transactions to be declined, keeping your account safe from unauthorized withdrawals.
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