Why Sudden A/c Deposits Can Be A Scam

Imagine waking up to an unexpected deposit in your bank account. Unfortunately, not all unexpected deposits are really gifts or luck strokes; some are also scams! As digital transactions continue to grow, the 'jumped deposit scam'- a new type of cybercrime, has also been on the rise.

It has caught the serious attention of cybercrime police in the country, and that's why we are here urging individuals to stay vigilant. If you are not aware of how this scam works or how to protect yourself, Kotak811 is here for you. We are on a mission to spread fraud awareness through our #ScamKaSiren campaign. Remember! Awareness is your best defense.

Understand How the Jumped Deposit Scam Works

Scammers are using psychological manipulation, trust, and urgency to exploit the victims. They prey on people who are gullible and less familiar with online payment systems. Here's how they do it:

In a jumped deposit scam, the digital scammers send small amounts of money, usually via UPI, to the victim’s bank account. Then, they call the victim and give a strong, fabricated story about how the wrong transfer was made.

It is then followed by an emotional request to refund the amount. For this, the fraudsters send fraudulent QR codes or malicious payment links. They may also urge the victim to open their banking app and enter the UPI PIN for repayment.

While the victims do this, scammers monitor their actions and gain bank information. Thus, unknowingly, the victims themselves provide access to their bank accounts and authorise fraudulent transactions. By the time they understand all this, their money has already gone to the fraudster’s account.

#ScamKaSiren Alert! If you receive an unknown deposit, pause, verify, and report.
Do not transfer funds or share sensitive information without confirming the source.

Know the Purpose: Why an Unexpected Bank Deposit Can be a Scam

If your bank account has received unexpected amounts as deposits, beware! There are several reasons why it can be a digital scam. Here are some:

● Money Laundering

Scammers may deposit small amounts in the victim's bank account and then lure them into repaying them by making transfers to unknown bank accounts. It can unknowingly cause the victim to be involved in activities like money laundering.

● Phishing Attempts

Many fraudsters also fake an unexpected deposit and convince the victim to share their confidential bank details via calls. It ultimately leads to stolen funds.

● Stolen Identity Transactions

Scammers first steal the victim's bank account details and then deposit money into it. Later, they claim it as an error and ask the victim to return the funds maliciously. If the victim follows what the scammer says, they might unknowingly put their money at risk.

Learn How to Protect Yourself Against the Jumped Deposit Scam

You can avoid falling prey to a jumped deposit scam with the following tips:

● Don't Panic and Act

Digital scammers create a sense of urgency, which may cause you to panic and act hastily. Avoid doing this, as it can cloud your judgement, leading to wrong decisions.

● Verify Caller Identity

Do not believe anyone impersonating themselves to be someone close-mostly a close friend or someone they know. Verify the identity authenticity of the caller before taking any action.

● Understand the Online Payment Mechanism

Have complete knowledge of how the digital payment system works. Thus, you can avoid getting exploited by fraudsters based on technicalities. In no case should you share your UPI or PIN details with anyone, mainly unknown individuals posing to be bank executives.

What NPCI Has to Say
The National Payments Corporation of India has clarified on UPI, regarding the jumped deposit scam:

“Simply opening a UPI or bank application does not automatically approve a transaction. Users explicitly authorise a payment request by entering their UPI PIN. Without this step, no transaction can be processed,” NPCI clarified.

Conclusion

The onus of safeguarding your money in the bank account lies with you. Although fraudsters use tactics like the jumped deposit scam, one has to be careful when handling digital bank accounts. By understanding digital payment systems and not making hasty decisions, one can always avoid falling prey to any online financial scams. Stay informed. Stay protected!

FAQs

1. Is it safe to open a digital savings account?

Absolutely! It is entirely safe to open a savings bank account online with Kotak811. Our platform follows standard digital security protocols to keep customer information confidential.

2. Where should you file a complaint in case of a jumped deposit UPI scam?

File a complaint with the cybercrime portal and NPCI in addition to contacting your bank in case of falling prey to the scam.

3. Are transaction alerts helpful in avoiding financial scams?

Transaction alerts continuously update you on all the debits and credits to your bank account. It helps identify fraudulent transactions immediately.

If  you have been scammed online, immediately contact your bank, report the scam to the authorities like the National Cyber Crime Helpline at 1930 or the National Cyber Crime Reporting Portal (https://cybercrime.gov.in/)and document everything related to the scam.