Chase Bank aware of customers attempted to game ATMs with viral ‘glitch’

Summary

A 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

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🚨 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.

Keywords

💡Viral TikTok Trend

A viral TikTok trend refers to a popular behavior or activity that spreads rapidly among TikTok users, often through imitation or sharing. In the video, this trend involves users depositing fraudulent checks into their Chase Bank accounts, which is a misleading and dangerous practice. The trend gained traction due to its portrayal as a 'money glitch' or 'free money hack,' which is a misnomer as it is actually a form of fraud.

💡Fraudulent Checks

Fraudulent checks are checks that are fake or unauthorized, often used in scams to deceive individuals or financial institutions. In the context of the video, users are depositing these checks into their accounts, under the false belief that they can withdraw money before the bank detects the fraud. This action is highlighted as a serious offense with potential legal and financial consequences.

💡Chase Bank

Chase Bank is a prominent financial institution mentioned in the video as the target of the fraudulent activity. Users are depositing checks into their Chase accounts, expecting to exploit a non-existent loophole. The bank's role is central to the narrative as it is the entity being defrauded and is actively addressing the situation.

💡Money Glitch

The term 'money glitch' in the video is a misnomer used by the TikTok users to describe the fraudulent act of depositing fake checks. It suggests an unintentional error that allows users to gain money, which is not the case. The video clarifies that this is a deliberate act of fraud, not a benign system error.

💡Check Fraud

Check fraud is the criminal act of using fake or stolen checks to deceive and obtain money or property. The video emphasizes that the TikTok trend is not a harmless glitch but a serious case of check fraud, which can lead to legal repercussions and financial liability for the perpetrators.

💡Consequences

Consequences in this video refer to the outcomes or repercussions that individuals face for participating in the fraudulent trend. It includes potential legal trouble, such as facing a case in court, and financial consequences, such as owing large sums of money back to the bank. The video serves as a warning about the severe implications of engaging in such activities.

💡Astronomical Amounts

The term 'astronomical amounts' is used in the video to describe the large sums of money that users were attempting to deposit and withdraw using fraudulent checks. It illustrates the scale of the deception and the magnitude of the potential losses for both the individuals and the bank.

💡TikTok

TikTok is a social media platform where short videos are shared. In the video, it is the medium through which the fraudulent trend spreads. The platform's role is highlighted as it not only facilitates the spread of the trend but also becomes a place where users correct misinformation and warn against the illegal activity.

💡Awareness Campaign

An awareness campaign in the video refers to the efforts made by various parties, including the reporter and other TikTok users, to educate the public about the fraudulent nature of the trend. The campaign aims to dispel the myth of a 'money glitch' and to deter people from engaging in the illegal activity.

💡Legal Trouble

Legal trouble in the context of the video refers to the potential legal actions that could be taken against individuals who participate in the fraudulent check depositing trend. It underscores the severity of the act, which is not a harmless glitch but a criminal offense that can lead to lawsuits and other legal consequences.

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,