Jump Deposit Scam: Beware From a New Incoming Scam
A new cyber fraud known as Jump Deposit Scam is spreading its wings and hackers are trying to use it for exploiting people through Unified Payment Interface applications that are used for quick digital transactions via mobiles.
UPI has proved itself a new and efficient medium for optimized financial transactions and their management. However, the convenience of seamless payments has now become a new weapon for cybercriminals to extract money by misusing trust and abusing the curiosity of users.
Read the blog and find out every detail about this fraud, the process cybercriminals adopt for breaching your trust, cases happening around the globe, and some essential guidelines you should remember to protect your finances.
Understand the Jump Deposit Scam
Jump Deposit scam is the latest entry in the list of cyber frauds that are used for money extraction. Here, fraudsters attack UPI users by sending money to their linked accounts which is usually in a range of $100-$500. The amount lures users and attracts their curiosity about the payment. Moreover, the deposit instantly gives them a notification on their mobiles and forces them to check their account balance.
However, as soon as the user checks it, these scammers withdraw the highest possible money from the account leaving user flabbergasted about the event.
How Cybercriminals Do this Scam: A Step-by-Step Breakout
Find the procedure in a step-by-step manner and understand how scammers commit this fraud with innocent users.
- Initiation: The scammer starts the process by sending the user a small amount of money in his UPI-linked account. This deposit is real, and that’s why it forces the user to believe in it.
- Notification Alert: As the amount deposited is real, the victim gets a notification alert regarding the updated balance. This triggers curiosity in the victim.
- Withdrawal Request: The fraudster takes the victim’s financial details and just after sending the money, he raises a withdrawal request from his account.
- User Checks Balance: As the user has just received the notification about an unexpected amount deposited in his account, he curiously opens his mobile banking app to check his updated balance.
- Entering PIN: As soon as the user enters his PIN (personal identification number) to check his account balance, he unknowingly accepts the request generated by the fraudster.
- Amount Withdrawal: The amount requested by the scammer instantly debits from the user’s account. Moreover, there are cases where the amount debited from the account is bigger than the amount requested.
The most threatening aspect of this methodology is that it runs on the victim’s psychological situation, and it increases the success of this scam.
Jump Deposit Recent Cases Around the Globe
There is a staggering rise of 8 times in the number of jump deposit scam cases happening in the last two years. Moreover, these cases are prominently increasing in Asia and some parts of Africa.
- India: Two major cities, Chennai and Bengaluru are experiencing widespread increase in jump scam cases. Vigilance authorities in these cities are trying to protect citizens by issuing warnings and text messages about acting on the unexpected amounts credited in their accounts.
- Nigeria: This African country also reported similar cases, where scammers exploit mobile money applications to commit financial cybercrimes including illegal withdrawals and unauthorized transactions.
Two culturally unidentical countries from two different continents have been affected and that defines the urgency to tackle these scams.
Using Mobile Apps for Financial Transactions? Follow These Guidelines
- Wait Before Checking Balance: Whenever you get a notification about an unexpected amount deposited in your account, do not check your account’s balance instantly. Wait for 15-20 minutes so that the illegal request will expire automatically.
- First Enter Wrong PIN: If you are feeling more anxious and curious to check your account balance soon after getting an unknown deposit, enter the incorrect PIN at first instance. This will auto reject the recent transaction request as it needs correct PIN to initiate a withdrawal.
- Notify Your Bank: Whenever you get a notification about an unauthorized deposit in your account, quickly contact the customer helpline service of the bank concerned and verify the transaction before it is too late.
- Be Alert Regarding Unknown Deposits: Never get excited about the amount credited by an unknown source. Also, you need to identify legitimate deposits from unknown sources. They are not many in numbers but should be handled with vigilance and should not be included in scams.
- Do Not Share Your PIN: Never ever share your PIN, OTPs, and passwords with anyone even if you know him personally. Moreover, it is worth remembering that banks never ask for your PINs or OTPs in any circumstance.
Save Yourself from the Jump Deposit Scam: Build Smart Habits
You can adopt these three smart habits and save yourself from the wrath of Jump Deposit Scam;
- Maintain Transaction Records: Always maintain your usual transactions record, so that you can quickly find something weird.
- Learn About Common Scams: Read and learn about the ongoing scams that are common and still hurting users emotionally and financially. Education about them is your best weapon.
- Utilize Secure Apps: There are multiple apps on App Store that look like official banking apps but are not. Therefore, you need utmost attention to ignore these fraudulent applications that can prove harmful.
In Conclusion: Jump Deposit Scam is Increasing…!
Jump Deposit Scams remind us that there can be multiple benefits of technological upgradations in managing and securing our financial assets, but they also provide new avenues for scammers to commit financial frauds that can result in a loss worth billion.
However, you can save your hard-earned financial resources from these frauds by gaining sufficient knowledge about their methods, mode of operations, and aftereffects.
As the number of cases is increasing, staying vigilant should be our utmost priority. Reporting anything suspicious can reduce the amount of loss and educate others to remain aware in this digital world.
FAQs
1. How to identify a suspicious deposit in my account?
Remember these 2 key pointers; Amount credited from unknown person and frequent requests of unauthorized withdrawals.
2. What steps should be taken after a jump deposit scam?
Contact your bank immediately, tell them about the scam, and register an official complaint to the cybercrime vigilance wing.
