UPI Transaction Fraud News: Fraudsters deposit money in victim's account before syphoning it off; Tamil Nadu Police issues advisory after people fall victim

UPI Transaction Fraud News: Cybersecurity agencies issue multiple advisories to citizens to stay away from online fraudsters. But every time they make some attempt, fraudsters come up with a more sinister plan to cheat people. A similar scam has been unearthed in Tamil Nadu, where fraudsters first deposit some amount to the victim's UPI account to win trust and then withdraw large amounts. Know what this scam is all about and why people are falling prey to it. 

How does this scam work?

In the 'jumped deposit' fraud, fraudsters deposit a small amount, such as Rs 5,000, in the victim's account.

This initial step wins the trust of victims as they become curious to make more money.

SMS alert

The first step works as a bait, and after winning trust, fraudsters take the next step, which is to send an SMS to the mobile phone of the receiver of the amount.

Fraudsters spark their curiosity to check the bank account to ensure that the amount has been deposited. 

App usage

Here comes the twist: as soon as a victim opens their banking app and enters the PIN, they inadvertently allow fraudsters to withdraw money from the bank account.

Large amount theft

Once the cybersecurity is breached, fraudsters withdraw a large amount from the victim's account, leaving him distraught. 

What did Tamil Nadu Police do?

Once the plot came to light, the Tamil Nadu police issued an advisory for citizens. It has the following points-

Wait and check

The Police said that if there is a sudden deposit in your account, avoid checking the balance immediately. Wait for 15-30 minutes so that any fraudulent request is automatically cancelled.

Enter wrong PIN

If a request to enter your PIN is received, enter the wrong PIN a couple of times to rule out any possible fraud.

Report suspicious deposits

If money is deposited to your account without your knowledge, immediately report it to the bank and get confirmation.

Keep personal information safe

Do not share your PIN, OTP, or other sensitive information with anyone, even if the person claims to be a bank representative.