As the world is moving towards digitalization, many methods of online fraud have emerged. The common advice to avoid these scams is not to share your OTP with any stranger, not to give your bank details, and not to click on any random link. However, a new trick has emerged that can empty your bank account without sharing your OTP or downloading any app. Cyber criminals have come up with a new method called “Jumped Deposit”, which takes advantage of your honesty and cheats you.
What is jumped deposit?
Imagine that you suddenly get a message on your phone saying that ₹5,000 has been credited to your bank account. Shortly after, you get a call or message saying, “Sir, money has been transferred to your account by mistake, please check.” This is where scammers start laying their traps. Fraudsters send you a link and ask you to click on it to check balance or refund money. As soon as you click on the link, it redirects you to your UPI app (like Google Pay or PhonePe). When you enter your UPI PIN to check your balance, instead of getting back ₹5,000, ₹50,000 or more is deducted from your account.
Taking advantage of reversal requests
Cyber wings of Tamil Nadu and Cyberabad have detected this fraud, in which criminals use the reversal request feature. According to the rules of National Payments Corporation of India (NPCI), if money is transferred to someone by mistake, then a request can be made to get it back. Taking advantage of this, criminals generate reversal requests for a large amount and hide it behind a simple balance check link. They know that as soon as the user sees the message of money being credited to their account, they will immediately try to check their balance. And as soon as you enter your PIN, you unknowingly approve the reversal request for that huge amount.
How to be careful?
To avoid this scam, if money is ever credited to your account, do not panic or hurry.
If you get such a message, do not open your UPI app for the next 30 minutes. This will exceed the time limit for the reversal request, and the link will become invalid.
Never use a link sent by someone else to check your balance. Always check your balance directly through the app. If you accidentally open the app and are in doubt, don’t enter your PIN.
If someone claims that money has been transferred to your account by mistake, ask them to contact your bank and file a complaint. Let the money be returned only through the correct banking process.