JPMorgan Chase Bank has issued a public warning, urging individuals to avoid participating in a fraudulent scheme that has gained notoriety on the social media platform TikTok. The scheme involves depositing counterfeit checks into Chase Bank accounts and swiftly withdrawing a portion of the deposited funds from an ATM before the check can be flagged as fraudulent.
The scheme capitalized on a temporary delay in Chase Bank’s internal balance verification system. Videos on TikTok showcased individuals celebrating their apparent success with the ‘glitch,’ often flaunting large sums of money. However, Chase Bank has clarified that this is not a legitimate ‘money glitch’ but rather a form of check fraud. The bank is actively recovering the fraudulently withdrawn funds from the accounts of those who participated in the scheme. As a result, customers involved are finding their account balances depleted to reflect the overdrawn amounts.
It’s crucial to remember that check fraud is a serious offense and carries legal repercussions. This incident serves as a stark reminder to remain skeptical of any ‘infinite money glitch’ claims. As the adage goes, if it sounds too good to be true, it likely is.
