A mystery deposit turned into a 'nightmare' scam: How one bank customer lost even more after a high-pressure call.
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓State Bank of India (SBI) warned customers about the 'Jumped Deposit Scam' where fraudsters use fake credits to pressure people into approving large UPI payments.
- ✓The bank said, "An unexpected deposit in a bank account followed by a phone call demanding an immediate refund could be a warning sign."
Story at a Glance
- Category
- MARKET
- Reported By
- Economic Times
- Reading Speed
- 5 Minute(s)
- Market Focus
- India Economy
State Bank of India (SBI) has warned customers about the 'Jumped Deposit Scam', in which fraudsters use unexpected bank credits and urgent refund calls to pressure people into approving larger UPI payments. The bank has advised customers to verify transactions, avoid suspicious payment requests, block suspected callers and report incidents promptly.
An unexpected deposit in a bank account followed by a phone call demanding an immediate refund could be a warning sign of a UPI fraud, the State Bank of India (SBI) has cautioned customers. In its warning about the 'Jumped Deposit Scam', the bank said fraudsters use small, unexpected credits to gain a recipient's trust before trying to get them to approve a much larger payment.
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Economic Times
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