What is the viral Chase Bank ‘glitch’ scam that allows you to withdraw money? Does it really make people rich?
Rumors have spread on social media that a Chase Bank ‘glitch’ has allowed people to withdraw huge amounts of money. What is this scam all about?
Rumors spread like wildfire on social media recently regarding an online banking glitch that allegedly allowed customers to withdraw up to $50,000 or even more from Chase Bank ATMs, with no consequences.
The idea of getting “free money” has caught the imagination of many, and these people supposedly tried to take advantage of the reported glitch.
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What is the viral Chase Bank ‘glitch’ scam that allows you to withdraw money? How does it work?
According to pop culture website Complex.com, the so-called glitch is a form of check fraud, where people deposit fake checks for large amounts of money, which would then allow the depositor to withdraw the cash at the ATM. The checks are not initially flagged, allowing the withdrawal to push through.
According to the site, Chase has moved to rectify the situation, and those who tried to take advantage of the alleged glitch were penalized with seven-day holds or ended up with massive negative account balances.
Complex.com adds that Chase “has not acknowledged the virality of the fraudulent transactions.”
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The difficulty of taking advantage of a bank glitch
Other websites have sought to clarify that reports on the “Chase Bank glitch” are unsubstantiated.
According to MalwareTips.com, a community-based platform that provides information on cyber threats, there is no evidence that such a glitch exists. The site points out that big banks like Chase have systems that would prevent such fraudulent transactions.
The site also points out that in the unlikely event that someone does manage to withdraw money that is not theirs, the bank will be able to detect the mistake and try to recover the amount, and perhaps add on some fines in the process.
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Scammers promote rumors of bank glitches
These so-called viral bank glitches are often fabricated by scammers who use greed to lure their victims. The notion of getting rich quick could push people into making bad decisions.
People who fall for scams such as the “Chase Bank glitch” could fall victim to phishing and malware, giving their account details to the wrong hands.
The smart thing to do is report claims of glitches to your bank, and keep in mind that there is no such thing as free money.