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A “new” TikTok trend claiming people can withdraw money for free from Chase Bank ATMs is nothing more than old-fashioned check fraud, the company says.
The trend involved cashing a check for a large amount and withdrawing most of the money before the check bounced. On Thursday, a post about the scam at X was viewed over 7.5 million times – and the trend eventually grew into lines at Chase Banks in New York.
A Chase spokesperson confirmed Tuesday that the bank is aware of the situation and has addressed it. Chase has since fixed the error, suspended accounts that benefited from it and leveled negative balances labeled “DR DUE TO ATM/DEP ERROR.”
Related: Jamie Dimon says a mild recession is still possible: “There's a lot of uncertainty out there”
“Regardless of what you see online, cashing a fake check and withdrawing the money from your account is fraud, plain and simple,” the spokesperson said.
This run was personal pic.twitter.com/PQY9m39xa0
— Soak (@ionfeellnun) August 30, 2024
Check fraud has increased 385% since the pandemic.
While TikTok and other social media may have played a negative role in the Chase breach trend by spreading the news, TikTok has been the site of less fraudulent personal finance trends – such as the “Pay off my debt” trend, in which viewers banded together and helped each other pay off their debt.
“We have to remember that financial stability is usually a long-term endeavor,” Jake Burgett, the medical student behind the trend, told Entrepreneur in June. “Social media gives the illusion of a quick financial fix, and I'm glad I was able to put that theory into action… But remember not to sacrifice more than you can afford along the way.”
Related: 'Pay My Debt' TikToker Explains How Much Money He Made From His Viral Video and What Inspired the Trend
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