Digital payments have made life easier, but they also come with risks. Many people are now reporting cases of unexpected bank balance in India, which is a serious warning to stay alert and check your transactions regularly.
Wondering, how is it possible, and why is it a serious concern?
Let’s get into the details.
Unknown Money Deposited in My Account
Let’s understand with a common example of how cases of unexpected bank balances in India are turning into scams.
It was a normal day at work. Ravi was engaged in his tasks when suddenly a beep on his mobile phone caught his attention.
A notification popped up, stating ₹5000 had been credited to his account—an unexpected amount that brought an instant smile to Ravi’s face.
Curious to know more, Ravi picked up the phone. But in the very next minute, a phone rang. It was from an Unknown number. On the other hand, the caller impersonated himself as a bank customer service representative.
The caller claimed that ₹5000 had been mistakenly transferred to Ravi’s account and politely requested him to return the amount by following a few simple steps.
Ravi was a bit confused, but the authoritative and confident voice of the caller made him believe the story.
Ravi then asked him about the process.
The caller on the other side asked him to open his bank account and click on the ‘Refund Request’ generated by the caller. Caught off guard, Ravi clicked on the link without a second thought, unaware that he was accidentally granting the scammer access to his account.
Within moments, ₹50,000 vanished from Ravi’s account, and the call abruptly ended.
When Ravi tried calling back that number, it was not reachable. Hoping for a resolution, he contacted his bank, but the damage was already done. The amount had already been transferred to the scammer’s account. Soon, Ravi realized that he had been scammed.
This new scam, called jumped deposit scam, is rapidly gaining traction, preying on individuals less familiar with digital payment systems.
Understanding Jumped Deposit Scam
As mentioned above, the ‘Jumped Deposit Scam’ exploits the UPI mechanism and deploys psychological manipulation to exploit trust & urgency.
It starts with a deposit of a small amount in your bank account, followed by a call posing as a bank executive.
The person on call claims to have deposited the amount by mistake and creates an urge to refund the amount by logging in to the UPI account.
But instead of a refund, the caller tricks you into authorizing larger transactions from your linked bank account. By the time the person realizes, the amount has already been transferred to the unknown account of the scammer.
What Lessons You Can Learn from Ravi’s Incident?
Ravi’s story is a wake-up call for many who are not so aware of digital transactions. Here are some of the lessons and precautions one can take to prevent oneself from falling victim to such scams:
- Don’t Act Hastily: Scammers in such cases create a situation of urgency, making a victim make hasty decisions. Hence, before making any such decisions, take time to think before you act.
- Verify the Caller: Ask the caller for his identity and validate the details by asking his bank name,e etc.
- Understand the UPI Mechanism: It is important to know that UPI refunds do not ask you to enter a PIN. So if you receive any such request followed by PIN details, get an alert and avoid completing the steps.
- Take Immediate Action: If you accidentally fall for such a scam, don’t waste time and report it without any further delay. This increases the chance of getting the maximum recovery of your lost amount.
What to do if Online Fraud Happens?
Now, such online fraud causes financial and emotional distress. But instead of panicking in such a situation, it is important to take immediate action.
Here are the steps that you must take immediately in case of such scams:
- Gather all the evidence.
- Contact your bank
- File a cybercrime complaint.
- Lodge an FIR at the nearest police station.
- If you receive no response, then escalate the concern to higher authorities
Need help? Register with us and we will guide you with the process of drafting & documentation following the right protocol. Also, we guide you with the process of escalation, if required.
Conclusion
The digital revolution has made payments simpler, but it’s also given rise to clever scams like the Jumped Deposit. Don’t let these fraudsters rob you of your peace of mind. Spread the word, educate others, and always verify before you act.
Your security lies in your hands—literally, on your phone.
In case you have been trapped in any of such scams, fill in the details in the form below, and a callback will be arranged in no time.
