Whenever we think about online fraud, the first things that come to mind are OTP theft, phishing calls, or malicious apps. But a new scam targeting UPI users shows that bank accounts can be drained even without sharing any OTP or downloading suspicious apps. This emerging threat, known as the Jumped Deposit scam, has cybersecurity experts and banks warning users to be extra cautious.
How the Jumped Deposit Scam Works:
In this scam, fraudsters exploit loopholes in UPI transactions and wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital banking systems. They manipulate the timing of deposits and withdrawals in a way that allows them to siphon money from accounts without requiring any interaction from the victim. Unlike typical phishing scams, there’s no need for the user to share personal information, passwords, or OTPs, making the fraud harder to detect until significant damage has occurred.
Red Flags to watch Out For:
Unexpected notifications of failed or pending UPI transactions.
Rapid withdrawals or deductions from accounts that were not authorized.
Suspicious messages claiming that a deposit or transfer was successful, even when no transaction was made.
How to Protect Yourself:
Monitor Account Activity Regularly: Check your bank account and UPI app for unusual or unauthorized transactions.
Enable Transaction Alerts: Ensure SMS and app notifications are active for every transaction.
Limit UPI Transaction Limits: Reducing daily or per-transaction limits can minimize potential losses.
Verify Before Accepting Requests: Avoid accepting UPI payment requests from unknown or suspicious contacts.
Report Immediately: If you notice any suspicious activity, contact your bank immediately to block or freeze the account temporarily.
Experts emphasize that while digital payments are convenient, UPI users must remain vigilant, as fraudsters are constantly developing new ways to bypass traditional security measures. Awareness, proactive monitoring, and quick action are key to preventing financial losses from scams like the Jumped Deposit fraud.
In conclusion, the Jumped Deposit scam is a reminder that online banking safety goes beyond just protecting your OTP or password. UPI users must adopt a combination of caution, regular monitoring, and secure practices to safeguard their accounts against emerging threats.
Disclaimer:
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.
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