Chase Bank has issued a public warning against a viral TikTok scheme involving depositing fraudulent checks and withdrawing funds before the checks could be denied. While the scheme exploited a delay in Chase Bank’s system, the bank is recouping the funds and customers involved face potential legal consequences.
Square and Chase Bank customers have voiced their frustrations after experiencing account closures and delayed access to their funds. Anne Renee Timmons-Harris, a Square customer, shared her disappointment on Facebook after the company mistakenly deposited her money into a closed account, leaving her without access for several days. Chase Bank customers also detailed their struggles, including one person whose account was closed while traveling abroad, leaving them cashless. Banks often close accounts when they suspect suspicious activity, but customers are advised to inform their banks about travel plans to avoid unexpected closures.
On Wednesday afternoon, Chase Bank’s online services experienced a major outage that lasted for several hours. The outage affected thousands of customers, who were unable to access their accounts or make transactions. The bank has stated that it is working to resolve the issue, but no clear timeline has been given.
The Chase Bank mobile application is currently experiencing technical difficulties. Users are reporting being repeatedly logged out of their accounts, with an error message appearing during the login process. The issues began at approximately 1:30 PM ET, and thousands of customers have been affected, unable to access their accounts and manage their finances through the app.
Despite precautions, Martha McCully’s Chase account was hacked, resulting in the loss of $50,000. The scam involved a phone call claiming to be from Chase, leading to wire transfers and the depletion of funds. Despite using an encrypted vault for passwords, McCully’s money was unrecoverable. Phone scams are increasingly sophisticated, with victims of all ages being targeted. Scammers use artificial intelligence to impersonate banks and trick victims into transferring money. The Better Business Bureau reports that 18-24-year-olds lost the most money to scams in 2022, underscoring the need for vigilance. Victims are left wondering why bank algorithms fail to detect fraudulent wire transfers.
