- By Aditya Pratap Singh
- Mon, 13 Jan 2025 07:12 PM (IST)
- Source:JND
Jumped Deposit Scam: NPCI dismissed that jumped deposit scams have not been operating on the UPI platform, it did reassure UPI users that it has enough safety mechanisms to counter any fraudulent activity. This was reaffirmed after some advisories showed that cyber criminals were allegedly adapting tricky strategies to target UPI users.
Users are, however, assured of their security, as it is backed by a strong secure framework, stated NPCI.
Clarifying certain misconceptions that have been sprouting across the UPI and banking app space, NPCI claimed that the initiation of any transaction is not automatically invoked just on opening a UPI or banking app. An action must be performed by a user on a payment request; there is a tab to 'pay'; and the user enters the UPI PIN to approve the transaction. If not explicitly OK-ed by the user, no payment is made.
Here are the major points highlighted by NPCI:
No unauthorized access: In no possible manner may an external entity take actions into the user account or request money to be transacted. UPI itself is a device-bound system working within the guidelines of securely interlinking the payment account with the user's registered mobile number and device: Only the account holder can perform transactions.
It is expected that one must enter the UPI PIN for every transaction, except balance checking. However, keep in mind that balance checks and funds withdrawals are considered separate requests needing separate approvals.
Safe Framework: UPI transactions are covered with advanced security features under the regulatory watch. Real-time processing of the system with interoperability has reduced transaction cost, making it faster, safer, and more user-friendly.
NPCI assured users that the UPI platform continues to ensure the survival of high-security standards while generalizing digital payment transactions across the length and breadth of the Indian landscape.
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The Tamil Nadu police had also alerted the public on this modus operandi of the fraudster, who deposits small amounts of money into a victim's account and sends out bogus withdrawal requests. When the victims spot the money that was deposited, the fraudster either sends them a request to 'Collect Money' or does it through other means, leading the victim to believe that they must enter their UPI PIN for "validation." This is nothing but a ruse that leads to the transaction being made from the victim's account without the victim's consent.
Steps to Stay Safe
Report an Unexpected Credit: If you have received an unknown deposit in your account, report it immediately to your bank for verification.
Victims should report the fake activities to the nearest cybercrime police station or the National Cyber Crime Reporting Portal at www.cybercrime.gov.in in a timely manner. Quick reporting could help the agencies follow the rogue and stop more scams.
NPCI assessed that UPI transactions are protected against fraud due to strict security protocols and regulatory interventions surrounding the process. The real-time processing and interoperability of work have facilitated a large acceptance of digital payments while complying with strict safety standards.
