State Bank of India (SBI) has alerted the customers about the increasing online fraud known as the ‘Jumped Deposit Scam’. SBI has asked the customers to not trust unexpected credits received in their bank accounts and to remain cautious of suspicious payment requests.
As part of the National Cyber Security Special Campaign 6.0, the country’s largest bank said that the fraudsters are using small deposits to gain the trust of victims before attempting to steal larger amounts via UPI payment requests. “Beware of Jumped Deposit Scam! In a Jumped Deposit Scam, scammers claim to have "accidentally" credited a small amount to your account to win your trust. When you try to return it, they trick you into approving a high-value payment request,” wrote SBI in a post shared on social media platform X (formerly known as Twitter).
What is the Jumped Deposit Scam and how it works
According to SBI, the scam begins when fraudsters claim to have “accidentally” transferred a small amount of money into a customer's bank account. The scammer then contacts the victim and requests that the money be returned.However, instead of asking for a simple transfer, the fraudster sends a payment collect request or another transaction request designed to trick the victim into authorising a much larger amount than the original deposit.
“Unexpected credit in your account? It's a trap!” SBI said in a post shared on social media, cautioning customers against acting on such requests without verification.The bank said scammers often use emotional manipulation, urgency, or emergency situations to pressure victims into approving transactions quickly. By first depositing a small amount, fraudsters attempt to make their story appear genuine and lower the victim's guard.
Once the victim approves a payment request, the money is transferred out of their account, resulting in financial loss.
SBI's advice to users
The bank listed three precautions:* Block and report: Block the number immediately and report the incident to the bank on priority.* Resist pressure: Don't give in to emotional blackmail or emergency UPI requests without confirming them first.* Check the caller: Always respond to calls that begin with the prefix 1600.
SBI says these are genuine and secure calls from the bank.Apart from this, it is also advisable to never approve any payment request that you didn't start yourself. Also, if you see a credit you can't explain, don't send anything back yourself. Contact your bank through its official number or branch and let it handle the reversal.