Cybercriminals are always coming up with new ways to trick people and take money out of their bank accounts. The 'Jumped Deposit fraud' is a new fraud that targets UPI customers.
Cybercriminals use UPI to transfer funds to a victim's bank account as part of the fraud. The scammers take advantage of the fact that most consumers check their balance after receiving a credit notification to steal money. Money is taken out of the victim's account as soon as they input their PIN to check their balance.
In response to many complaints on the National Cyber Crime Reporting Portal, the tamil Nadu police have warned of fraud involving unsolicited UPI payments from unknown senders. They advise people to be cautious if they get these kinds of payments.
How the Scam works
The scammers start the scam by utilizing UPI to deposit a modest amount of money into a victim's bank account. The victim is then quickly asked to refund a sum more than the original investment. Most people automatically open their UPI app to check their balance after receiving the credit message, inputting their Personal Identification Number (PIN) in the process.
However the scammers will have previously started a withdrawal request, and as soon as the victim inputs their PIN, the pending request is authorized, and the money is taken out of their account.
How to Protect One's Money
There are two ways UPI users may safeguard themselves against this fraud. First of all, it's best to wait 15 to 30 minutes after receiving a credit notification before checking the amount on your account. Because of this delay, any fraudulent withdrawal requests might expire, making the scammer's PIN input meaningless. Second, users can purposefully input an erroneous PIN if waiting is not an option. Any outstanding transactions will be essentially rejected by this action.
Cybercriminals use UPI to transfer funds to a victim's bank account as part of the fraud. The scammers take advantage of the fact that most consumers check their balance after receiving a credit notification to steal money. Money is taken out of the victim's account as soon as they input their PIN to check their balance.
In response to many complaints on the National Cyber Crime Reporting Portal, the tamil Nadu police have warned of fraud involving unsolicited UPI payments from unknown senders. They advise people to be cautious if they get these kinds of payments.
How the Scam works
The scammers start the scam by utilizing UPI to deposit a modest amount of money into a victim's bank account. The victim is then quickly asked to refund a sum more than the original investment. Most people automatically open their UPI app to check their balance after receiving the credit message, inputting their Personal Identification Number (PIN) in the process.
However the scammers will have previously started a withdrawal request, and as soon as the victim inputs their PIN, the pending request is authorized, and the money is taken out of their account.
How to Protect One's Money
There are two ways UPI users may safeguard themselves against this fraud. First of all, it's best to wait 15 to 30 minutes after receiving a credit notification before checking the amount on your account. Because of this delay, any fraudulent withdrawal requests might expire, making the scammer's PIN input meaningless. Second, users can purposefully input an erroneous PIN if waiting is not an option. Any outstanding transactions will be essentially rejected by this action.
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