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Chase Bank issued a warning over social media videos showing users how to commit check fraud. ... TikTok showed people taking advantage of what was described as a "glitch" in the bank's ATM system.
A viral TikTok trend that had some people think they were getting “free” cash from ATMs because of a glitch is actually just fraud, according to the bank. Viral videos of people stealing money ...
"New chase viral money glitch: Get personal account details. Deposit fake check. Balance goes up +$30,000. Set up emergency withdrawal for -$28,000 cash," read a post from X user @riostoriches.
In many instances, bank fraud is a criminal offence. While the specific elements of particular banking fraud laws vary depending on jurisdictions, the term bank fraud applies to actions that employ a scheme or artifice, as opposed to bank robbery or theft. For this reason, bank fraud is sometimes considered a white-collar crime. [2]
When the bank considers the funds available (usually on the next business day), but before the bank is informed the cheque is bad, the paper hanger then withdraws the funds in cash. The offender knows the cheque will bounce, and the resulting account will be in debt, but the offender will abandon the account and take the cash.
Pusateri added that the bank is “open to pursuing other individuals or entities we believe engaged in bank fraud.” JPMorgan Chase is the biggest US bank by assets, with roughly $3.5 trillion.
Based on mostly the same principles as the Nigerian 419 advance-fee fraud scam, this scam letter informs recipients that their e-mail addresses have been drawn in online lotteries and that they have won large sums of money. Here the victims will also be required to pay substantial small amounts of money in order to have the winning money ...
• Fake email addresses - Malicious actors sometimes send from email addresses made to look like an official email address but in fact is missing a letter(s), misspelled, replaces a letter with a lookalike number (e.g. “O” and “0”), or originates from free email services that would not be used for official communications.