Tiktokers exploit Chase bank ‘Glitch’ in viral free money hack, and it backfires big time: ‘Plain fraud'

A trend has gone viral on TikTok, with users exploiting a supposed "glitch" at Chase Bank to withdraw “infinite free money.” The viral videos, which have garnered massive attention on the social media platform, demonstrate the alleged loophole that allows users to withdraw funds without having sufficient balances in their accounts. However, Chase Bank has labelled these actions as "plain fraud" and has addressed and corrected any potential bug in the system.

What is Chase bank ‘Glitch’ trend

A bunch of fake "glitch" videos on TikTok turned out to be a huge flop for those who tried them, with experts pointing out the tactics resemble a classic scam - check fraud. These videos tricked people into trying to pull money out of Chase Bank by taking advantage of a supposed loophole that let them cash in on checks that weren't real.

Some videos showed fake credit in accounts before the checks bounced, Chase Bank has called this out as obvious fraud and not some TikTok-worthy moment to follow. They've vowed to recover stolen funds and hold perpetrators accountable. This situation shows how risky it is to get caught up in viral money "tricks" that usually cover up illegal stuff.

A video doing rounds on social media shows people waiting in line outside of Chase stores in New York City, supposedly hoping to use a "viral glitch" to score some free cash.

Chase Bank calls out Glitch trend as ‘plain 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,” a spokesperson of the Chase Bank informed POST in a statement.

JP Morgan Chase ATMs have reportedly fixed the bug and are starting the process of recovering any illegally withdrawn funds. Additionally, accounts of those who engaged in the act were quickly frozen, and large negative balances were imposed. One person reported about $40,000 in deductions due to the "ATM deposit error.

Experts issue warnings

Financial educator Jim Wang has cautioned that trying to take advantage of the "Chase bank glitch" could get you into big trouble. Wang pointed out that doing this is basically committing check fraud. “ If you ever get mysterious money deposited into your account as a result of a bank error, tell the bank immediately. It’s not your money and when they figure it out, they will want it back. Do not spend it, do not move it, just leave it along and tell the bank. Just because it’s in your account doesn’t make it yours. And don’t believe everything you see on social media,” Wang said in a TikTok video.

“In the case of this ‘glitch,’ it was just check fraud. You’re going to get in huge trouble if you do something like this,” he continued.

This isn't the first time social media trends have pushed people into making bad money decisions. According to Forbes, pyramid schemes, PPP loan scams, and cash app tricks are just a few of the examples. “Even though these trends might look harmless, they can really backfire, leading to fines, penalties, jail time, getting kicked off banking services, and messing up your credit score.”

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