Cybercriminals are constantly devising new methods to scam individuals out of their money. While Unified Payment Interface (UPI) is India’s most prevalent digital payment method, its convenience can also result in significant financial losses if users are not careful. The emerging Jumped Deposit Scam is targeting UPI users.
What is the Jumped Deposit Scam and how does it work?
Scammers employ deceptive strategies against UPI users by sending small sums to their accounts, leading them to believe it’s an erroneous transfer. This is a trap. They then send collection requests, hoping the victim will use provided links, enter their UPI PIN, and inadvertently lose money. Scammers might also exploit the victim’s panic to authorize larger UPI collection requests.
Also read | 6 tips to avoid UPI fraud
Why do people fall prey to such scams?
Experts cite various reasons for individuals falling victim to such online scams.
They build trust to scam you later
Manish Thakwani of JuicyScore explains that these scams exploit psychological manipulation and lack of UPI awareness. Fraudsters build credibility by transferring money, then use emotional tactics to pressure users into transactions.
Shetal R Bhardwaj of ACFCS adds that the scam preys on curiosity, trust, and lack of digital payment awareness. Victims often mistake the deposits as genuine errors and feel obligated to return the funds.
They send small amount initially but steal bigger amount later on
The scam begins with a collect money request, often followed by a call or SMS claiming a prize or reward. Sending money to your account builds trust quickly.
Thakwani notes that fraudsters typically transfer round figures (e.g., 200, 300) and then request a 10X return, hoping users won’t notice the extra zeros in their haste.
Then they create sense of urgency to lead you into a panic reaction
Panic impairs rational thinking. Bhardwaj explains that scammers create urgency, pressuring immediate action. Many mistakenly believe entering a UPI PIN verifies balance, not authorizes payments. Small deposits lower suspicion.
This narrative is entirely deceptive, aiming to trick you into entering your UPI PIN for a collect request. The scam relies on users confusing collection and receipt notifications. Entering a UPI PIN is never required to receive money.
Anis Ahmed of ACFCS emphasizes that the scam exploits human psychology – curiosity, trust, and urgency.
Ahmed explains that fabricated urgent stories pressure victims to act quickly. The technicalities of UPI and simultaneous payment requests can confuse those unfamiliar with the platform.
Ahmed adds that curiosity about unexpected deposits draws victims in. The small deposit creates a sense of obligation to reciprocate, making them susceptible to returning the “extra” money.
Ahmed highlights that the initial deposit establishes a false sense of trust, leading victims to believe the requester is legitimate.
He clarifies that victims aren’t necessarily gullible; the scams exploit common human tendencies and trust. Even savvy individuals can fall prey if caught off guard.
How can you protect yourself from such scams?
Be skeptical of unintended deposits and contact your bank directly, advises Thakwani. Never transfer funds to anyone, beware of emotional appeals, and avoid rushing.
Shetal Bhardwaj advises never sharing your UPI PIN, as it authorizes payments, not balance checks. Contact your bank or UPI provider for clarification on unexpected deposits. Resist urgency tactics, stay calm, think critically, and only return money through verified channels after consulting your bank or the app’s support.
Educate yourself about digital payments and UPI functionality. Report suspicious activity to your bank and authorities immediately.
Shobhit Mishra notes that fraudsters use Remote Access Trojans (RATs) with screen monitoring and SMS capabilities to access devices and initiate fraudulent UPI transactions. Modified UPI apps bypass security to register victim logins on fraudsters’ devices.
While RATs are general cybersecurity threats, they are not unique to UPI platforms.
With inputs from Neelanjit Das.
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