BEWARE! 'Jumped Deposit' Scam Targets UPI Users
The tamil Nadu police's Cyber Crime Wing has alerted the public about a brand-new, complex scam known as the "jumped" deposit scam. This cunning scheme is intended to fool customers into unwittingly authorizing illegal withdrawals.
According to officers, UPI users are the primary target of scammers. In order to cause an official notice and make the transaction seem authentic, the fraudster sends a genuine deposit to your account, often a small sum of Rs 5,000. He uses their information to start a withdrawal request from your account as soon as he makes this deposit. According to an official statement, the fraudster takes extra money out of your account when you wish to check your balance and input your PIN or security code, unintentionally approving the withdrawal request. The con artist takes advantage of your interest in the surprise deposit.
"When you receive an unexpected deposit, wait at least 15-30 minutes to check your balance, as this allows any unauthorised withdrawal request to expire,” police said.
How the scam works
A apparently benign deposit into your bank account is the first step in the fraud. The scammer uses UPI to transfer a little amount, often between ~1,000 and `5,000, to the victim's account. The victim is caught off guard by this surprise deposit, which causes an SMS to be sent to them alerting them of the balance change.
Curious, thinking it may be a real reward or return, the victim opens their banking app to examine the deposit. The victim inputs their personal identifying number (PIN) into the app to confirm the deposit. However, the victim unintentionally authorizes the fraudster's withdrawal request by entering the PIN. Once the victim enters their PIN, the fraudulent transfer that the fraudster started already takes place, depleting their account. This technique is very risky as the victim is tricked into thinking they are only checking their balance, but the fraudster is actually taking money with their consent.