NPCI Clarifies on Jump Deposit Scam

Mumbai: The National Payments Corporation of India (NPCI) on Monday debunked recent media reports on online fraud called the Jump Deposit Scam.

NPCI said that the media report had certain inaccuracies and technical discrepancies that has led to unnecessary panic and confusion among users about the UPI platform. “We would also like to clarify that no instances of fraud, as described in the articles on ‘Jumped Deposit’ Scam, have been observed on the UPI platform,” said NPCI in a statement.

According to media reports, scammers are targeting UPI users by making small deposits into their accounts and then using psychological tactics to deceive them into authorizing larger payment requests.

“Simply opening a UPI or bank application does not automatically approve a transaction. Users must explicitly authorise a payment request by entering their UPI PIN. Without this step, no transaction can be processed,” NPCI said.

“No external party can directly request or withdraw funds from a user’s account...Only the user can initiate transactions or withdrawals, ensuring that others cannot access their funds,” it added.