What the scam looks like State Bank of India (SBI) has flagged a new variant of digital fraud known as the **jumped deposit scam**. In this scheme, a fraudster first deposits a nominal sum into a customer’s bank account. Within minutes, a larger credit – often presented as a refund, bonus or prize – appears. The fraudster then contacts the victim, typically via phone or messaging, claiming the extra amount was sent by mistake and requesting the customer to **approve a UPI payment** to return the surplus.
How the fraud works 1. **Initial seed deposit** – A tiny amount (e.g., ₹10‑₹100) is transferred to the victim’s account to establish credibility. 2. **Unexpected larger credit** – A second transaction, sometimes several thousand rupees, shows up as a credit from an unknown source. 3. **Urgent request** – The fraudster contacts the victim, citing an error and urging immediate action to “settle” the balance. 4. **UPI approval** – The victim is asked to approve a UPI payment to a supplied virtual payment address (VPA). Once approved, the money is instantly transferred to the fraudster’s account.
Warning signs to watch for - **Unsolicited credits** from unknown merchants or individuals. - **Requests for immediate UPI approval** without a verifiable reason. - **Pressure tactics** such as “the offer will expire in a few minutes.” - **Requests for OTPs or passwords** – legitimate banks never ask for these over phone or chat.
Protecting your account - **Do not approve UPI requests** from contacts you cannot verify. - **Cross‑check the sender’s details** on the bank’s official portal or app before acting. - **Ignore unexpected credits** and treat them as potential phishing bait. - **Report suspicious activity** to SBI’s fraud helpline or the nearest branch immediately. - **Enable transaction alerts** for real‑time notifications of any inbound or outbound movement.
Why the alert matters now India’s Unified Payments Interface (UPI) processes billions of transactions annually, making it a lucrative target for cyber‑criminals. The jumped deposit scam exploits the trust users place in unexpected bank credits, turning a seemingly harmless notification into a conduit for large‑scale theft. SBI’s advisory aims to curb the spread of this technique by educating customers before they fall victim.
What to watch next - **RBI and other banks’ follow‑up advisories** on similar fraud patterns. - **Trends in reported cases** of jumped deposit scams in the coming weeks. - **Updates to UPI security protocols** that may introduce additional verification steps for inbound credits.
Stay vigilant, verify every request, and remember that legitimate banks will never ask you to approve a payment you did not initiate.