Chase Bank aware of customers attempted to game ATMs with viral ‘glitch’
Summary
TLDRA viral TikTok trend involving users depositing fraudulent checks into Chase Bank accounts and withdrawing funds before detection is exposed as a serious scam. Despite the illusion of a 'money glitch' or 'free money hack,' this act constitutes check fraud, with Chase warning against it. Participants risk legal repercussions and financial liability, potentially owing thousands to the bank. The trend has sparked a counter-movement on TikTok, with users clarifying that this is not a loophole but a crime.
Takeaways
- 📺 A new viral TikTok trend involves users depositing fraudulent checks into their Chase Bank accounts.
- 💸 Users are withdrawing money before the checks are flagged as fraudulent, believing it to be a 'money glitch'.
- 🚫 The act is actually check fraud, and Chase Bank has released a statement clarifying it is not a glitch but illegal activity.
- 💡 Chase Bank is aware of the situation and is handling it, urging people not to participate in this fraudulent activity.
- 🏛️ Legal consequences for participating in this trend could include facing a case with Chase in court.
- 💰 Individuals involved may be required to pay back large sums of money if the fraudulent checks bounce.
- 📉 The trend has sparked a counter-movement on TikTok, with many users warning others that this is not a loophole but a crime.
- 👥 There is a demographic of younger users who may be unaware of the legal implications and are being educated by their peers on the platform.
- 🔍 The situation has highlighted the need for financial literacy and awareness of banking regulations among the public.
- 📢 The media is playing a role in clarifying the nature of the trend and its consequences to the public.
Q & A
What is the new viral TikTok trend involving Chase Bank?
-The new viral TikTok trend involves users depositing fraudulent checks into their Chase Bank accounts and withdrawing the money before the checks are flagged as fraudulent.
Why are some users calling this trend a 'money glitch' or 'free money hack'?
-Users are calling it a 'money glitch' or 'free money hack' because they believe they can exploit a loophole in Chase Bank's system to get money from fraudulent checks before the bank detects the fraud.
What is the actual nature of this 'money glitch' as described in the script?
-The 'money glitch' is not a glitch at all; it is check fraud. Chase Bank has clarified that this is a fraudulent activity and not a loophole.
What are the consequences of participating in this fraudulent activity as mentioned in the script?
-The consequences include facing legal trouble and owing back the money to Chase Bank, potentially in large amounts, as well as being charged with a criminal offense.
How does Chase Bank respond to this trend in the script?
-Chase Bank has released a statement urging people not to participate in this activity, clarifying that it is fraud and not a glitch, and stating that they are aware of the situation and are handling it.
What amounts of money are people reportedly depositing and withdrawing in this trend?
-People are reportedly depositing and withdrawing astronomical amounts, such as $30,000 and $40,000, from fraudulent checks.
What is the reaction of the TikTok community to this trend?
-There is a big pile-on of people on TikTok setting the record straight, stating that this is not a loophole but a crime, and urging others not to participate in the fraudulent activity.
Why might some people be tempted to participate in this trend?
-Some people, particularly younger individuals who may be new to banking and looking for ways to get fast cash, might be tempted due to a lack of awareness or understanding of the consequences.
What advice do the TikTokers in the script give to those considering participating in this trend?
-TikTokers in the script advise against participating, emphasizing that it is not a loophole but a crime with serious legal and financial consequences.
How does the script suggest that this trend started and gained traction?
-The trend started at the end of August, with people claiming to have found a loophole at Chase Bank, and it gained traction as more users shared their experiences and views on TikTok.
Outlines
🚨 TikTok 'Money Glitch' Trend Exposed as Fraudulent Scheme
A viral TikTok trend involving users depositing fraudulent checks into their Chase Bank accounts and withdrawing the money before the checks are flagged is exposed as a serious fraud. The trend began when individuals claimed to have found a loophole in Chase Bank's system, allowing them to deposit large, fake checks and withdraw the money, expecting the bank to cover the funds while the checks cleared. However, Chase Bank has clarified that this is not a glitch but outright fraud, warning that participants will be held responsible for repaying the fraudulently withdrawn amounts. The consequences of such actions include potential legal trouble and significant financial liability, as some individuals have claimed to owe tens of thousands of dollars back to the bank. The bank has released a statement urging people not to engage in this fraudulent activity. Additionally, there has been a counter-movement on TikTok with users educating others about the illegality of the trend, emphasizing that it is not a harmless hack but a criminal act.
Mindmap
Keywords
💡Viral TikTok Trend
💡Fraudulent Checks
💡Chase Bank
💡Money Glitch
💡Check Fraud
💡Consequences
💡Astronomical Amounts
💡TikTok
💡Awareness Campaign
💡Legal Trouble
Highlights
Chase Bank is one of the largest paid TV providers with about 11 million customers.
A new viral TikTok trend involves depositing fraudulent checks into Chase Bank accounts.
Users are calling this trend a 'money glitch' or 'free money hack'.
The trend has serious consequences as it involves committing fraud.
People deposit checks in their own name for astronomical amounts, such as $30,000 or $40,000.
Chase Bank fronts the money while waiting for the check to clear.
Users withdraw the money before the fraudulent check is flagged.
Chase Bank has released a statement clarifying that this is not a glitch but fraud.
The bank is aware of the situation and is handling it to the best of their abilities.
Consequences include legal trouble and owing a lot of money back to Chase.
Some individuals claim to owe $10,000 to $30,000 after the fraudulent checks bounce.
Committing check fraud is a criminal offense.
People on TikTok are setting the record straight, warning others not to engage in this fraudulent activity.
Many TikTok users are educating others that this is not a loophole but a crime.
Some younger individuals may be unaware of the legal implications and see it as a way to get fast cash.
The trend has sparked a discussion on social media about the dangers of financial fraud.
Transcripts
IT HAS ABOUT 11 MILLION
CUSTOMERS, MAKING IT ONE OF THE
LARGEST PAID TV PROVIDERS,
SAVANNAH.
>> ALL RIGHT.
THANK YOU SO MUCH.
>>> WELL, IN OTHER BUSINESS
NEWS, A NEW VIRAL TIKTOK TREND
THAT SOME USERS ARE CALLING A
MONEY GLITCH OR FREE MONEY
HACK.
IT'S ACTUALLY HAVING SOME
SERIOUS CONSEQUENCES.
HERE'S WHAT IT IS.
IT INVOLVES PEOPLE DEPOSITING
FRAUDULENT CHECKS INTO THEIR
CHASE BANK ACCOUNTS AND
WITHDRAWING THE MONEY BEFORE
ITS FLAGGED.
WELL, THAT'S ACTUALLY FRAUD.
FOR MORE ON THIS AND HOW IT
STARTED ONLINE, LET'S BRING IN
NBC NEWS CULTURE AND TRENDS
REPORTER.
GOOD MORNING.
THANK YOU SO MUCH FOR JOINING
US.
GOOD SO SEE YOU.
SO HOW DID SOMETHING THAT'S
ACTUALLY FRAUD TURN INTO THIS
TREND OR SOMETHING VIRAL, AND
DID THIS GLITCH START GETTING
ALL THESE VIEW?
>> GOOD MORNING, SAVANNAH.
SO AT THE END OF AUGUST, SO
JUST A FEW DAYS AGO, PEOPLE
BEGAN SAYING THAT THEY HAD
FOUND A QUOTE/UNQUOTE LOOPHOLE
AT CHASE BANK WHERE THEY WERE
DEPOSITING CHECKS BASICALLY IN
THEIR OWN NAME, DEPOSITING IT
INTO THEIR OWN ACCOUNTS, AND
THESE WERE CHECKS FOR, YOU
KNOW, ASTRONOMICAL AMOUNTS,
$THRURTS, $40,000, AND THEY
WERE SAYING THAT, YOU KNOW,
CHASE WILL BASICALLY FRONT THAT
MONEY WHILE THEY WAIT FOR THE
CHECK TO CLEAR, AND SO PEOPLE
ARE WITHDRAWING THE MONEY FROM
THESE FRAUDULENT CHECKS, AND
THEY CALLED IT A MONEY GLITCH.
WHAT THEY DIDN'T REALIZE IS
THAT THEY WERE GOING TO HAVE TO
PAY THAT MONEY BACK WHEN THE
CHECK INEVITABLY BOUNCED.
SO IT WASN'T A MONEY GLITCH.
THIS IS ACTUALLY CHECK FRAUD.
AND CHASE ACTUALLY RELEASED A
STATEMENT SAYING, PLEASE,
PLEASE DON'T DO THIS.
THIS IS NOT A GLITCH, THIS IS
FRAUD, AND, YOU KNOW, THEY'RE
AWARE OF THE SITUATION, AND
THEY ARE TRYING TO HANDLE IT TO
THE BEST OF THEIR ABILITIES
>> WHAT ARE THE CONSEQUENCES
FOR SOMEONE WHO DOES SOMETHING
LIKE THIS?
>> WELL, IF THEY DON'T FIND
THEMSELVES IN LEGAL TROUBLE AND
FIND THEMSELVES, YOU KNOW,
FACING A CASE WITH CHASE IN A
COURT OF LAW, THEY'RE GOING TO
BE ON THE HOOK FOR A LOT OF
MONEY.
IN SOME CASES -- WHICH WE
HAVEN'T VERIFIED WHETHER
THEY'RE LEGITIMATE OR NOT, BUT
SOME CASES PEOPLE HAVE CLAIMED
THAT THEY OWE $10,000, $30,000,
AND THEY'RE GOING TO OWE ALL
THIS MONEY BACK TO CHASE.
SO THERE'S, ONE, THE ASPECT OF
COMMITTING CHECK FRAUD WHICH IS
GOING TO BE OBVIOUSLY A
CRIMINAL OFFENSE.
BUT THEN THERE'S THE OTHER
ASPECT OF THIS WHICH IS YOU'RE
GOING TO OWE ALL THIS MONEY
THAT YOU, YOU KNOW, REPORTEDLY
DEPOSITED INTO YOUR ACCOUNT AND
THAT YOU DON'T HAVE TO COVER.
>> I KNOW IN ADDITION TO THIS
BECOMING THIS TREND, THIS WHOLE
GLITCH THING KIND OF GETTING
SOME VIEWS ONLINE, THERE'S ALSO
A BIG PILE ON TO SET THE RECORD
STRAIGHT IN THIS PARTICULAR
INSTANCE, RIGHT?
>> YES, THERE IS.
ON TIKTOK, THERE ARE MANY
VIDEOS IN WHICH PEOPLE ARE
SAYING THIS IS NOT A LOOPHOLE.
THIS IS A CRIME, AND, YOU KNOW,
THERE'S A LOT OF PEOPLE SAYING,
LIKE, PLEASE DON'T DO THIS,
THIS IS FRAUD.
I THINK A LOT OF PEOPLE WERE
JUST UNAWARE OR MAYBE IT'S
YOUNGER PEOPLE WHO ARE, YOU
KNOW, JUST GETTING THEIR FIRST
BANK ACCOUNTS WHO ARE JUST SORT
OF LEARNING HOW TO SPEND AND
SAVE MONEY WHO THOUGHT, OH
THIS, IS A WAY TO GET FAST
CASH, AND THEIR FELLOW
TIKTOKERS ARE SAYING THAT'S NOT
THE CASE, THIS IS A CRIME,
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