Over the weekend, a TikTok video went viral purportedly showing how to get free money from Chase Bank ATMs across the country. The technique involves depositing a check for a large amount of money that the user does not actually own, and withdrawing smaller but larger amounts before it is officially cleared. In fact, “glitches” are often called frauds. Now, JPMorgan has confirmed that the bank is reporting the perpetrators to authorities.
“As with any fraud-related matter, we will conduct an internal review and seek assistance from law enforcement as appropriate,” a Chase spokesman told The Wall Street Journal on Friday. “No matter what you see online, depositing a fraudulent check and withdrawing funds from your account is fraud, plain and simple.”
It’s not entirely clear how many people have tried the scheme, but the Wall Street Journal described it as “thousands.” The viral meme was so popular that tens of millions of people watched a TikTok video about the “glitch,” according to the Wall Street Journal.
A viral video on TikTok shows a woman on the phone trying to explain to her mother that they’re letting people get $40,000 to $50,000 for free thanks to this infinite money “glitch.” The mother was right to be skeptical, saying she didn’t want her bank account to be closed, while her daughter insisted her account wouldn’t be closed because it was just a glitch.
Some videos on TikTok even show people throwing money ostensibly earned this way into the air in celebration. But Chase told the Wall Street Journal that they have frozen some accounts that have tried this, but the exact number has not been disclosed. The bank is providing police with “surveillance video and other information related to the individual.”
While too many people thought this was a “glitch” that wouldn’t cause them any trouble, the tide has definitely turned by this time, with most new videos about ATM scams mocking those who thought it was just a scam. Loopholes rather than check fraud.
“Only TikTok can turn grand thefts into ‘life hacks’ and rename check fraud into ‘glitches,'” one user on X wrote after the video began going viral.
The U.S. Postal Inspection Service also expressed skepticism earlier this week by tweeting “Infinite Money Glitch” with a monocle check emoji.
“Don’t believe TikTok trends, check fraud is a serious crime. You will be prosecuted. If this sounds too good to be true…” the account continued.
“Infinite Money Glitch”🧐
Don’t believe the TikTok trend, check fraud is a serious crime. You will be prosecuted. If this sounds too good to be true…
— United States Postal Inspection Service – Headquarters (@USPISpressroom) September 3, 2024
