Negative impactSector
SBI warns of UPI fraud: How the ‘jumped deposit scam’ can drain your bank account
Mint 1 hr ago·11 Oct 2026, 8:06 am
State Bank of India (SBI) has issued a warning to customers about a new digital payment scam known as the 'jumped deposit' fraud. In this scheme, fraudsters manipulate UPI apps to make it appear as if a large sum of money has been deposited into a victim's account. They then pressure the victim to approve a high-value UPI payment, claiming it is a refund or transfer, which actually drains the victim's own funds.
This scam is particularly dangerous because it exploits the speed of digital transactions and the victim's confusion. The money appears to arrive in the account, but the fraudster's instruction to transfer funds out is processed almost instantly. This creates a false sense of security, leading people to act without verifying the details.
For investors, this news highlights the importance of digital literacy and vigilance. It serves as a reminder that legitimate bank notifications can be spoofed. To protect your finances, always verify any incoming credit by checking your official banking app or statement. Never approve a UPI request based solely on a message or call, even if it claims to be a refund.
Excerpt from Mint
SBI has warned bank customers about the jumped deposit scam, in which fraudsters exploit unexpected bank credits to trick victims into approving high-value UPI payments. Learn how the scam works, recognise warning signs and protect your bank account from digital payment fraud. The State Bank of India (SBI) has issued…Read the original at Mint
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