ATM Fraud: Tiktokers Try To Rip Off Chase Bank

A viral TikTok trend dubbed as the “infinite money glitch” is landing individuals bold enough to try the hack in six figures of debt and facing legal consequences. A technical issue with JPMorgan Chase’s ATMs allowed customers to deposit checks for massive amounts of money they did not possess and then withdraw those funds from their accounts.

According to Forbes, multiple videos online convinced users that they could get free cash from Chase ATMs when in reality, they were committing fraud.

The videos told users to deposit a check for the amount they desired and then to withdraw a smaller amount immediately. According to CNN, USA Today and Banking Dive, after the bank was made aware of the glitch, a Chase spokesperson said 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.”

Videos teaching users how to take advantage of the system were soon outnumbered by videos of participants showing negative bank balances after trying the so-called hack, according to CNN.

The bank filed lawsuits in three courts against two people and two businesses after a total of $662,000 was stolen, according to USA Today.

Of the four lawsuits Chase Bank has filed, the largest is in the Southern District of Texas. JPMorgan states that a “masked man” deposited a check for $335,000 into an ATM and was able to withdraw $290,939.47 before the bank realized what was going on, according to NPR.

According to NPR and USA Today, Chase spokesperson Drew Pusateri said in a statement, “We’re pursuing these cases and actively cooperating with law enforcement to make sure if someone is committing fraud against Chase and its customers, they’re held accountable.”

Barber is the off campus news editor for the Liberty Champion.