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In this new scam cybercriminals exploit victims by sending small UPI credits knowing they will check their payment apps to verify their balance. Then the fraudster sends a “Collect Money” request, falsely claiming they will return a larger amount than the initial deposit
This scam involves unsolicited UPI payments from unknown senders. (Representative/Shutterstock)
Cybercriminals are constantly devising new methods to defraud individuals and steal money from their bank accounts. A new scam targeting UPI users, dubbed the ‘Jumped Deposit Scam’, has emerged.
The scam involves cybercriminals sending small amounts to a victim’s bank account via UPI. Knowing that most people check their payment apps on receiving a credit notification, the fraudsters seize this opportunity to steal funds by manipulating UPI users.
The Tamil Nadu Police have issued a warning regarding a scam involving unsolicited UPI payments from unknown senders, following numerous complaints lodged on the National Cyber Crime Reporting Portal. They have asked individuals to exercise caution if they receive such payments.
How the Scam Works
Perpetrators of this scam initiate the fraud by depositing a small sum of money into a person’s bank account using UPI. They then swiftly request the victim to make a payment promising to return a larger amount than the initial deposit.
The fraudster sends a “Collect Money” request to the victim. The victim is manipulated into entering their UPI PIN for purported “validation” purposes. In reality, this results in unauthorised debits from the victim’s account.
How to Protect One’s Money
UPI users can protect themselves from this scam in two ways. Firstly, if a credit notification is received, it is advisable to wait for 15-30 minutes before checking one’s account balance. This delay allows any fraudulent withdrawal requests to expire, rendering the PIN entry useless to the scammer. Secondly, if waiting is not feasible, users can intentionally enter an incorrect PIN. This action will effectively reject any pending transactions.