Viral TikTok Scam Is ‘Plain And Simple’ Check Fraud

While many assumed they were taking advantage of a glitch in Chase's system, they were actually committing check fraud.

A viral Chase banking scam in which users seemingly receive free money from ATMs has finally caught up with customers.

According to CNN, Chase confirmed that the cash grab was not a glitch in their system. Those who participated were committing a form of check fraud.

TikTok users tried their luck and recorded themselves depositing hefty checks into the ATMs. However, the withdrawals made did not equate to the number of deposits. Instead, users cashed in on a banking standard that allowed account holders to access some of the money “deposited” before the entire check cleared.

The initial success of “manipulating” the system led others to try, marking a trend that could come with serious consequences. An X user, deemed “scuba Ryan,” shared footage of a line forming outside a Chase bank.

people are currently lined up outside a Chase bank in New York trying to do the new viral glitch to get free money 😭😭pic.twitter.com/V49JpVu9iq
— ryan 🤿 (@scubaryan_) August 31, 2024

Chase caught wind of the matter quickly. However, they have yet to uncover how many customers took part in the scheme or how much money they stole. JPMorgan, its parent company, has issued a statement that they are aware of what happened. They warned those who indulged in the scam that they had undoubtedly committed fraud.

“We are aware of this incident, and it has been addressed. Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple,” explained a spokesperson for Chase.

However, some have already seen their bank accounts negatively affected by the scheme. The same X user reshared footage of a man already facing a deposit error from the money he withdrew. In the clip, the TikToker showed nearly $40K in debt.

this dude is currently $40k in debt as the outcome of doing the new viral Chase money glitch 😭😭 pic.twitter.com/aHZJMCkR7H
— ryan 🤿 (@scubaryan_) August 31, 2024

“They really told me to tap in…next day it was supposed to clear,” said the unidentified man, revealing the negative transactions on his bank account. “Look at my account, yo.”

It remains unclear if the Federal Reserve will investigate the matter or if those who participated could face criminal charges.