• MyLove @M
• 15 Jan, 2025

Recent reports of UPI fraud have alarmed users across India particularly in the southern regions. The "Jumped Deposit Scam" has brought attention to how unsuspecting users lose money by entering their UPI PIN. NPCI has now issued a statement reassuring users about the safety of the UPI platform.

What is the Jumped Deposit Scam.?

The scam begins with cybercriminals depositing a small amount of money into a victim's bank account intentionally. Shortly after they call and say I was sent the amount to you by mistake and asking a withdrawal request from the same account. When the user notices the deposit and checks their UPI app, they often enter their PIN without realising that it authorises the fraudster's withdrawal request. Consequently money is siphoned off from their account without their knowledge.

What Does NPCI Say.?

NPCI, the organisation responsible for managing UPI systems has stated that there have been no reported incidents of fraud directly involving the UPI platform. They emphasised that UPI is a device based payment system linked securely to a user’s bank account and registered mobile number.

NPCI clarified

- UPI transactions require user initiated actions and PIN input.

- Transactions cannot be authorised simply by opening a UPI or bank app.

- External parties cannot initiate withdrawals without the user’s active participation.

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Key Safety Tips for Users

1. Avoid Sharing Your UPI PIN: Never share your PIN with anyone, even if they claim to be from your bank.

2. Verify Transactions: Always double check the transaction details before entering your PIN.

3. Report Suspicious Activity: If you notice unauthorised transactions, immediately report them to your bank or the UPI app support team.