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Chase Bank said it was reviewing incidents of individuals who may have participated in an online check fraud "glitch" trend and referring them to law enforcement authorities.
An overpayment scam, also known as a refund scam, is a type of confidence trick designed to prey upon victims' good faith.In the most basic form, an overpayment scam consists of a scammer claiming, falsely, to have sent a victim an excess amount of money.
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.
Chase Bank is urging its customers not to commit check fraud. The bank’s plea comes after this weekend a viral trend took over TikTok and X, with users being told that there was a systemwide ...
Now, when a cheque is presented for payment, the bank scrubs it against the information on file. If one of the variables does not match, then the cheque would be flagged as a potentially fraudulent item. These services help with external fraud but they do not help if there is internal fraud.
The Chase Bank trend is just the latest “get rich quick scheme,” a centuries-old concept that has been resuscitated by social media, drawing desperate people into financial crime.
Authorised push payment fraud (APP fraud) is a form of fraud in which victims are manipulated into making real-time payments to fraudsters, typically by social engineering attacks involving impersonation.
A number of viral TikTok videos had some people believing they could get “free” cash from Chase ATMs. But it was just a glitch – and those customers were actually committing fraud, according ...