SBI warns of the jumped deposit UPI scam and 30% monthly return offers
SBI warned on 10 and 12 October 2026 about money sent by mistake that is a trap, and fake schemes promising 30% a month. How the tricks work and what to do.
State Bank of India has put out two scam warnings on X this month, as part of its National Cyber Security Month campaign. The first, from 10 October 2026, is about money that lands in your account "by mistake". The second, from 12 October 2026, is about investment offers that promise up to 30% a month. Both tricks are common during the festive season, when people spend and receive more money than usual.
The jumped deposit scam
SBI's post said: "Unexpected credit in your account? It's a Trap!", as reported by Outlook Money on 12 October 2026. This is how the trick works:
- A stranger sends a small amount to your account, so it looks like a real credit.
- Soon after, you get a call. The caller says the money was sent by mistake and asks for it back urgently, often with an emotional story.
- Instead of you sending the money, the caller sends you a UPI payment request. The amount in the request is much bigger than the credit.
- If you enter your UPI PIN without reading the amount, you approve the payment and lose the money.
SBI also said: "Don't fall for emotional blackmail or emergency UPI requests without confirmation."
How to stay safe
- Your UPI PIN is only for sending money. You never enter it to receive money. A screen that asks for your PIN is taking money out of your account.
- Read every UPI request. Check the name and the amount before you approve anything. If you did not start the payment, decline it.
- Do not return money to a caller. If a credit really was a mistake, the sender can ask their own bank to raise it. Check the credit through your bank's app or branch, not through the caller.
- Block the number and tell your bank.
- Check who is calling. SBI said that banking calls come from numbers starting with 1600, but you should still verify the caller through the bank's official channels.
- Never share your UPI PIN or an OTP, with anyone.
Fake schemes promising 30% a month
On 12 October 2026 SBI posted: "If it sounds too good to be true, it definitely is!", as reported by Mint. It warned against offers promising returns of up to 30% a month that arrive through social media, messages or emails, often with fake websites and links. Warning signs SBI listed include:
- Very high returns from an unknown person or platform.
- Offers you did not ask for.
- Pressure to invest right away.
- Requests to send money to a personal bank account.
Before you invest, check that the company and the scheme are registered with SEBI or RBI, and use only official websites and apps. Do not use links or phone numbers sent by strangers.
If you lose money
Act fast. The sooner you report, the better the chance of stopping the money.
- Call the national cyber fraud helpline 1930.
- File a complaint at cybercrime.gov.in.
- Tell your bank right away, and block your UPI or card from the bank's app if needed.
Sources: Outlook Money: Jumped deposit scam, SBI cautions UPI users, The420.in: SBI issues UPI fraud warning over fake refund requests, Inshorts: SBI warns customers against returning money sent by strangers, Mint via TradingView: SBI warns investors against fake investment schemes, National Cyber Crime Reporting Portal.
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