BTL 797 - Jump Deposit Scam

 

The Banking Tutor’s Lessons

BTL 797                                                                   24-06-2025

Jump Deposit Scam

The "jumped deposit" or "jump deposit" scam is a type of fraud that exploits UPI (Unified Payments Interface) systems. 

Scammers trick users into approving a fraudulent payment request by disguising it as a money deposit, refund, or cashback. This deceptive tactic often involves a small deposit followed by a request for a much larger sum, leveraging the user's curiosity or confusion to make them authorize the fraudulent transaction. 

The scammer deposits a small amount of money into the victim's bank account via UPI, often using a fake or stolen account. 

The scammer then contacts the victim, claiming the small deposit was a mistake or that the victim owes them a larger sum. 

The scammer uses the UPI app's "Request Money" feature to send a fraudulent payment request to the victim. 

The victim, believing they are simply checking their balance or processing a refund, enters their UPI PIN to approve the transaction, unknowingly authorizing the larger payment to the scammer. 

How to protect yourself: 

Verify all UPI transactions: Always scrutinize any transaction request, even if it appears to be a deposit or refund.

Do not share your UPI PIN: Never disclose your UPI PIN to anyone, especially not in response to an unsolicited payment request. 

Be cautious of unsolicited requests: Be wary of unexpected requests for money, even if they claim to be from familiar sources. 

Contact your bank directly: If you are unsure about a transaction, contact your bank or payment service provider directly for clarification. 

Stay updated on scam tactics: Keep yourself informed about the latest fraud trends and scam tactics. 

The NPCI (National Payments Corporation of India) has also issued a clarification regarding this scam, emphasizing the importance of verifying all transactions and not sharing sensitive information. 

Sekhar Pariti

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