Chase Bank announced that it was looking into cases of people who could have taken part in the “glitch” of online check fraud and forwarding such cases to police enforcement.
Millions of people engaged with messages on social media over the weekend, implying that a malfunction at the bank was allowing ATMs to give consumers endless cash.
Actually, the meme was encouraging people to conduct check fraud by depositing a fake check for the desired amount and then asking cash they did not have.
After the suspicious behavior was detected, consumers complained that their bank accounts had been banned within a day.
A Chase representative stated in a statement, “As with any fraud-related issue, we review internally and refer to law enforcement as appropriate.” “Depositing a fake check and taking money out of your account is fraud, plain and simple, regardless of what you read online.”
The Wall Street Journal was the first to report on the most recent development, stating that the bank was looking into “thousands” such events. The number could not be independently verified by NBC News.
The Journal also revealed that, contrary to the habit of only allowing clients to take a portion of the amounts they asked by check before they cleared, there was in fact a technological glitch that let consumers to withdraw the entire amount of the requested monies.
An insider with knowledge of the situation attested to the existence of an inaccuracy that was later corrected.
The origin of the “glitch” craze is unknown, but by last Saturday, it had gone viral on TikTok, where users recorded themselves boasting about their ostensibly newfound wealth.
States have different criminal legislation governing the severity of penalties for check fraud. Misdemeanor check fraud crimes in California are punishable by up to a year in jail and financial fines. Misdemeanor check fraud carries a maximum sentence of three months in prison as well as a fine in New York.
However, depending on the amount of money involved in the crime and the person’s criminal history, the charges may be more severe.
