Bank execs have initiated a sensitization to advise customers against hopping on the Chase bank glitch trend. Chase Bank was quick to admit its services are experiencing a glitch. However, it also helped its customers understand the consequences of trying to be a smart Alec. It is surprising how many desperate folks tried it out after seeing a ‘Chase Bank hacked today’ post on social media.
The bank was forced to address the Chase bank glitch on all available media after it started trending on X and TikTok last weekend. The trend involved owners of Chase bank accounts depositing false checks at an ATM and withdrawing huge sums of cash immediately after. Of course, the check would bounce, but the customer already has the cash. So, many customers assumed the Chase bank glitch was one to exploit and get away with. Unfortunately for them, that’s not how the system works.
Chase Bank has publicly stated that it is aware of the check glitch and is working to address it. However, customers who join the trend are simply joining a check fraud scheme. After the crisis is resolved, customers who exploited the glitch would have hefty overdrafts on their accounts. This is why Chase Bank advises customers to avoid the trend.
The social media trend is parading the technical crisis as a glitch. Meanwhile, Chase Bank has been kind enough that it is an invitation to commit fraud. Complicit users may subsequently be treated as fraudsters. A Chase spokesperson addressed the issue in a statement to NBC News. They said, “Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple.”
The Chase Bank Glitch Wildfire On TikTok
The Chase bank glitch trend became a thing after a video of someone depositing a fraudulent check and withdrawing cash went viral on X. However, followers quickly pointed out that the act was a criminal offense. Before long, the raging fire of Chase Bank glitch TikTok also caught on.
Not long after the trend gained momentum, some Chase account holders posted screenshots of hefty overdrafts and account restrictions. Apparently, these customers tried hopping on the trend and got told off for it. A TikTok user who understands the implications of hopping on such trends cautioned their followers in a post. They said, “I don’t know what these people think writing bad checks is…a glitch. Definitely don’t do it.”
What Is the Viral Chase Money Glitch?
Anyone who has seen Catch Me If You Can, in which Leonardo DiCaprio played Frank Abagnale, has an idea of check fraud. Fake check deposits are not a new form of fraud and have been around for a while. Interestingly, last week’s Chase Bank money glitch would be the first time some young folks had heard of such fraud. Indeed, some thought it was a money hack.
Unfortunately, the Chase bank glitch was far from a free money day. In a now-viral video, @theluncheonlawyer called out folks who ignorantly hopped on the trend. In the video, the TikTok user said, “Chase Bank glitch? No, that’s called fraud.” She then added, “You went to the bank and took $50,000 that didn’t belong to you. That’s not a life hack, that’s called robbery. You’re going to jail. Prison actually.”
What Are the Common Tricks Used?
Banking experts suggest that most banking solutions have loopholes that fraudsters can exploit. For example, fake deposit fraud exploits a feature that allows account holders to draw a portion of their check before it gets cleared by the bank. However, criminal masterminds have come around to cascading their identity when making such deposits.
Fraudsters often open bank accounts with fake or stolen identities. Next, they create fictitious checks and cash them at ATMs. Eventually, the check bounces, but the bank cannot identify the culprits. Another trick fraudsters adopt is to send a check larger than what they owe to a receiver, feigning an error. The idea is to have the receiver transfer the excess on the check but eventually bounce it.
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How Does Chase Handle Check Fraud?
On its website, Chase Bank explains that it processes all checks based on information provided by the customer. Chase Bank always runs check deposits through a series of internal authentications before approving them. However, some fraudsters still manage to rig the system, as in the Chase Bank glitch in 2022.
In extreme cases, Chase Bank has a standard policy of referring check deposit fraud to appropriate law enforcement agencies. So, if you happen to hear of another Chase Bank glitch today on TikTok, please beware of attempting it.
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