Have you heard about the recent TikTok trend promising to make you rich by exploiting a glitch in Chase Bank ATMs? Well, it turns out this so-called “new” trend is nothing more than old-fashioned check fraud, according to a statement from Chase Bank. The scheme involved depositing a high-value check and withdrawing most of the funds before the check bounced, leading to long lines forming at Chase Bank branches in New York.
Fortunately, Chase Bank has taken action to address the situation. The bank has fixed the error, locked accounts that took advantage of it, and corrected negative balances resulting from the fraudulent activity. A spokesperson for Chase Bank emphasized the seriousness of the issue, stating that depositing a fraudulent check and withdrawing the funds is unequivocally considered fraud.
Check fraud has been on the rise, with a 385% increase since the start of the pandemic. While social media platforms like TikTok may have inadvertently contributed to the spread of the Chase glitch trend, they have also been home to more positive personal finance movements. For instance, the “pay off my debt” trend encouraged viewers to support each other in achieving financial goals.
It’s crucial to remember that financial stability is a long-term journey. Quick fixes are rarely sustainable, and it’s essential not to take unnecessary risks when pursuing financial goals. Social media can be a helpful tool in promoting financial literacy and support, as demonstrated by the “pay off my debt” trend on TikTok. By sharing information and encouraging responsible financial practices, we can all work towards a more financially secure future.
So, the next time you come across a tempting financial opportunity on social media, remember to approach it with caution and always prioritize your financial well-being. With the right knowledge and support, you can achieve your financial goals without compromising your future.