Jumped Deposit Scam: If you receive a call 'money transferred by mistake', it could be a SCAM; know how UPI users can stay safe

Cybercriminals are becoming increasingly sophisticated, using advanced tactics and technologies to commit financial crimes.  A new scam targeting UPI users, the ‘Jumped Deposit Scam’, has emerged.

The scam involves cybercriminals sending small amounts to a victim’s bank account via UPI. The scammers take advantage of the victim's natural curiosity and instinct to check their payment app after receiving a credit notification. While the victim is distracted, the scammer sends a "Collect Money" request, tricking the victim into entering their UPI PIN, which ultimately leads to unauthorized debits from their account.

How the Jumped Deposit Scam Works?

1. Initial Deposit: Scammers deposit a small amount into the victim's bank account via UPI.

2. Request for Payment: The scammer asks the victim to return the money as they "accidentally" transferred the amount or requests them to make a payment, promising to return a larger amount.

3. "Collect Money" Request: The scammer sends a "Collect Money" request to the victim.

4. PIN Entry Manipulation: The victim is tricked into entering their UPI PIN for "validation" purposes, resulting in unauthorized debits.

How To Protect Yourself from Jumped Deposit Scam?

1. Wait Before Checking: If you receive a credit notification, wait 15-30 minutes before checking your account balance. This allows any fraudulent withdrawal requests to expire.

2. Enter Incorrect PIN: If waiting isn't feasible, intentionally enter an incorrect PIN. This will reject any pending transactions and prevent unauthorized debits.