JPMorgan Chase Bank has put out a public warning advising against anyone attempting to take advantage of a system "glitch" that involved depositing fraudulent checks and withdrawing a portion of the total deposited amount from the ATM before the check could be denied.
The US banking giant stated it is aware of the now viral scheme that took off on the social media platform TikTok. Chase Bank customers were shown knowingly depositing a false check at a Chase Bank into their account and then immediately going to an ATM to withdraw a portion of that recently deposited amount. The withdrawal was processed as it exploited a delay in Chase Bank's internal balance checking system.
Popular Now: New $308 Android gaming handheld has a 120Hz screen and 9300mAh replaceable battery"We are aware of this incident, and it has been addressed," Chase commented in a statement. "Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple."
Reports indicate that videos going viral on TikTok showed people celebrating with large swaths of money, some even throwing it up in the air to celebrate the "glitch" working. Unfortunately, for those people who participated in this scheme, Chase Bank doesn't just give out free money. Customers who participated have started to show their account balances and how Chase Bank has deducted the amount they overdrew from their accounts.
It should be noted that this "glitch" is technically called check fraud, and it's illegal. This story should serve as a reminder to anyone who hears about an "infinite money glitch" to immediately be extremely skeptical because, more often than not, if it sounds too good to be true, it is.
