A banking scam that went viral on TikTok has been recast as an exploitable “Chase Bank Glitch” that offers unlimited free money. Unfortunately, it seems some people failed to smell the corruption in this highly questionable scheme and ended up committing crimes that left them in staggering amounts of debt.
The Chase Bank “glitch” has garnered widespread attention on TikTok in recent days, but thankfully most creators have spoken out about how foolhardy it was rather than trying to take advantage of the glitch. That said, several photos and videos circulating on social media show people boasting about large amounts of money after supposedly taking advantage of the real-money “glitch,” or panicking when their bank balances took a huge hit after the error was fixed.
How to protect yourself from bank fraud
The Chase Bank money “glitch” is simple: Chase customers write themselves bad checks for exorbitant amounts, deposit them, and then quickly withdraw cash from ATMs before the bank realizes the funds are not there.
This is similar to check kiting, a form of bank fraud that’s been around for over a century. But if living in a capitalist hellscape has taught us anything, it’s that branding is everything. Simply calling the banking fraud a “glitch” seems to have been enough to prevent people from losing sight of the true nature of the crime and trying it for themselves.
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Of course, since people are using their own bank accounts to commit these “glitches,” it would be surprisingly easy for Chase to track them down.
“We are aware of this incident and have already addressed it,” Chase said in a statement released to multiple news outlets. “Depositing fraudulent checks and withdrawing funds from your account is fraud, plain and simple, regardless of what you may have seen online.”
The tweet may have been deleted
It’s unclear how the Chase Bank “glitch” trend started or how many people have actually tried it. It’s entirely possible that people are jumping on the bandwagon by making fake screenshots and skits, which makes more sense than believing that you could scam thousands out of the largest bank in the U.S. and get away with it. We can only hope that the majority of people are just joking and not committing actual bank fraud based on TikTok.
Mashable has reached out to Chase Bank for further comment.
With the cost of living rising, many people are looking for ways to make a little extra cash, so easy ways to make money like this Chase Bank “glitch” may seem very appealing, but it’s good to remember that if it sounds too good to be true, it probably isn’t.
