SBI warns of 'jumped deposit' scam: How to stay safe?
What's the story
The State Bank of India (SBI) has issued a warning about a new form of fraud called the "jumped deposit" scam. In this scheme, scammers take advantage of unexpected bank credits to trick unsuspecting victims into approving high-value Unified Payments Interface (UPI) transactions. Understanding this scam is crucial for protecting your finances. Let's take a closer look at how it works and how you can stay safe from it.
Scam mechanics
How the 'jumped deposit' scam works
The "jumped deposit" scam begins with a small, seemingly harmless amount being credited to a victim's account by fraudsters.
They then request an immediate refund, creating urgency and emotional pressure on the account holder.
The real trick lies in getting the victim to approve a high-value UPI payment request after establishing quick contact.
Once such a request is approved, money is quickly transferred into the fraudster's account.
Safety measures
Tips to avoid getting scammed
SBI has warned its customers to be wary of emotional blackmail, tricks, and persuasion by financial fraudsters.
The bank also advised against approving unknown requests or following instructions from callers without independently verifying basic information and facts.
To stay safe, SBI has suggested blocking suspicious numbers immediately, avoiding contact with unknown people over calls, and reporting such incidents to their respective banks promptly.
Verification protocol
What to do if you receive an unexpected credit
If you receive an unexpected credit, SBI recommends verifying it through your bank's official channels instead of rushing to return the money.
The bank also encouraged customers to answer calls prefixed with 1600, as they are genuine and secure bank calls.
However, customers should still carefully verify the caller's identity and purpose of any request before sharing information or authorizing transactions.