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The State Bank of India (SBI) has warned customers about a growing online fraud known as the ‘Jumped Deposit Scam’. The bank has advised customers to be cautious about unexpected credits in their bank accounts and avoid approving suspicious payment requests. As part of the National Cyber Security Special Campaign 6.0, SBI highlighted how fraudsters use small deposits to gain the trust of victims before attempting to steal larger amounts through Unified Payments Interface (UPI) transactions.
A Jumped Deposit Scam is a type of online banking fraud in which scammers trick people into approving a high-value payment by pretending that they have accidentally transferred a small amount of money into their bank account.
How does the Jumped Deposit Scam work?
- Small amount credited: A scammer sends a small amount of money to your bank account, or makes you believe that an accidental deposit has been made.
- Scammer contacts you: The scammer contacts you by phone or message, claiming that the money was transferred to your account by mistake.
- Request to return the money: They ask you to return the amount through UPI or another payment method.
- Fraudulent payment request: While you try to return the money, the scammer tricks you into approving a UPI collect request or another payment authorization for a much larger amount.
- Money debited: If you approve the fraudulent request and enter your UPI PIN where required, a large amount of money may be deducted from your account.
Example of a Jumped Deposit Scam
Suppose ₹100 suddenly appears in your bank account. Shortly afterwards, you receive a call from someone claiming that they accidentally transferred ₹100 to you and asking you to return it.
The scammer then sends you a UPI payment request for ₹20,000 and tells you to approve it to return the money. If you approve the request and authorize the payment with your UPI PIN, ₹20,000 could be debited from your account instead of being credited to you.
Remember: Receiving money does not require you to enter your UPI PIN. Entering your UPI PIN to approve a payment generally authorizes money to leave your account.
How can you protect yourself?
- Never approve an unknown UPI collect request or payment request just because someone claims to have sent you money by mistake.
- Always check whether a UPI transaction will debit or credit your account before authorizing it.
- Never share your UPI PIN, OTP, or banking passwords with anyone.
- If an unknown amount is credited to your account, contact your bank and ask it to help verify and resolve the transaction.
- Do not spend or independently transfer suspicious funds to an unknown person. Let your bank guide you on the appropriate procedure.
- If you have lost money to a scam, immediately contact your bank and call India’s cybercrime helpline 1930. You can also report the incident at cybercrime.gov.in.
