SBI Warns of ‘Jumped Deposit’ Scam: Verify Before Returning Money to Strangers
SBI Warns of ‘Jumped Deposit’ Scam: Verify Before Returning Money to Strangers
New Delhi, October 11: The State Bank of India has warned customers against hurriedly returning money to unknown people who claim to have transferred it by mistake, highlighting a fraud tactic described as the “jumped deposit” scam.
In an October 10 advisory issued under its National Cyber Security Month Special Campaign 6.0, SBI said scammers use claims of accidental deposits to gain trust before misleading recipients into authorising a larger UPI payment.
The approach relies on urgency and emotional pressure. An unfamiliar caller may demand an immediate refund, encouraging the account holder to act without carefully checking the amount and recipient details.
SBI advised customers to block suspicious numbers, promptly inform their bank and avoid making payments under pressure. Unexpected credits should be verified through official banking channels before any refund is arranged.
However, receiving money does not automatically give the sender access to the recipient’s account. The National Payments Corporation of India previously clarified that entering a UPI PIN for a balance enquiry does not approve a separate payment or withdrawal.
The warning concerns customers being deceived into authorising payments, rather than money disappearing simply because they receive a deposit or check their balance.
Customers approached about an alleged mistaken transfer should contact their bank and seek verification before taking further action.
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