Viral videos shared on TikTok and other social media outlets showed how people were writing bad checks and immediately withdrawing the cash from ATMs.
HUNTSVILLE, Ala. — Social media timelines lit up over the weekend with images of gleeful Chase Bank customers running to ATMs, debit cards and checks in hand, then walking or running away throwing cash into the air – cash that apparently wasn’t theirs to withdraw.
Financial experts are warning that this supposed exploitation of the system only amounts to check fraud – and those who participated in it are learning quickly how severe the drawbacks can be.
THE QUESTION
Is the Chase Bank hack seen on social media real?
OUR SOURCES
Chase Bank
Austen Allred, CEO of the Bloom Institute of Technology
Consumer financial group Experian
SQN Banking Systems
THE ANSWER
Yes, an exploit was found which allowed customers to withdraw cash from ATMs operated by Chase Bank using bad checks.
Yes, it is check fraud.
WHAT WE FOUND
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