Chase Bank swiftly responded to a recent viral TikTok trend that encouraged users to exploit a purported "glitch" in the bank's ATM system, which allegedly provided "infinite free money." The bank has labeled the actions as "plain fraud" and has taken measures to address the situation.
Jerry Dubrowski, a spokesperson for JP Morgan Chase, addressed the situation in a statement to Times Now Digital. "We are aware of this incident, and it has been addressed. Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple," Dubrowski stated.
The phenomena, which quickly gained popularity on social media, involves people placing fictitious checks totaling large amounts of money. Some of these fictitious deposits would be credited to the consumers' accounts prior to the checks clearing due to the purported error. Videos of this hack went viral fast, inspiring many people to try to exploit the vulnerability.
Chase Bank quickly resolved the problem by repairing the glitch and starting the process of recovering any money that had been unintentionally taken out. Individuals that took part in the exploit had their accounts quickly frozen and had large negative balances imposed to them. About $40,000 in deductions totaling "ATM deposit error" were reported by one person.
When the scheme appeared to be working for a little while, social media users showed off their excitement by posting videos of themselves having a good time outside Chase Bank outlets. A few of the movies featured happy customers throwing handfuls of cash into the air while dancing, while another showed individuals driving with their Chase cards in their mouths.
Financial experts, however, quickly issued a warning against the tendency. Financial educator Jim Wang issued a warning to anyone trying to profit on the "Chase bank glitch" that doing so would result in dire consequences. Wang stressed that these people's behaviors amounted to check fraud in the end.
Austen Allred, CEO of the Bloom Institute of Technology, also debunked the trend on social media, clarifying that the so-called "unlimited money glitch" was nothing more than a scam involving writing a large check to oneself, depositing it via mobile, and withdrawing cash before the check cleared. Allred underscored that this behavior was, in essence, a clear act of fraud.