UPI Users Alert! Beware Of New 'Jumped Deposit' Scam – Here's How To Stay Safe

Jumped Deposit Scam: The ‘Jumped Deposit’ scam starts with the fraudsters transferring a small amount, like Rs 5,000 to the victim’s bank account via UPI.

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New Delhi: A new cyber scam called the ‘Jumped Deposit’ scam is causing alarm among UPI users. Fraudsters target unsuspecting individuals to authorise withdrawals from their bank accounts.This was flagged by the Cyber Crime Wing of the Tamil Nadu Police in December 2024. This scam has since gained traction.

How the Scam Works?

The ‘Jumped Deposit’ scam starts with the fraudsters transferring a small amount, like Rs 5,000 to the victim’s bank account via UPI. Shortly after, the scammer initiates a withdrawal request for a much larger amount. The unexpected deposit often prompts the victim to check their account balance immediately.

When the victim opens their banking app and enters their UPI PIN to check the details, the scammer's withdrawal request gets authorised which allows them to steal the money immediately. According to officials, scammers take advantage of the victim's curiosity about an unexpected deposit to gain access to their funds, as reported by The Hindu.

How to Protect Your Money

UPI users can take two simple steps to safeguard their money from the 'Jumped Deposit' scam.

- Wait Before Checking Your Account: If you receive a credit notification, it's best to wait for 15-30 minutes before checking your balance. This delay allows any fraudulent withdrawal requests to expire, making it impossible for scammers to access your funds.

- Enter an Incorrect PIN: If you're in a hurry and can’t wait, deliberately entering an incorrect PIN will reject any pending transactions, protecting your account from unauthorized withdrawals.