Bank robbing is still one of the coolest things a person can do when it comes to crimes. However, these days a neckerchief over the face and six-shooters won't do the job. Instead, people are having to commit fraud using a bank ATM, but Chase has had enough and is suing the thieves.
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Due to an outdated system in the Chase bank ATM, people were able to commit fraud. They could withdraw money they never had in their accounts. By writing a false check, and depositing it in their accounts, bank robbers were able to withdraw the funds before the cheque bounced. This clever little scheme netted some fraudsters hundreds of thousands.
However, like any good crime, it all fell apart when it went public. All it takes is for one person to go flaunting their ill-gotten gains in public for the whole thing to come tumbling down. Consequently, the Chase Bank ATM fraud technique went viral on TikTok alerting the bank to what was going on.
Even ATM Fraud Can't Beat The Bank
By this time, several people had withdrawn thousands of dollars. Currently, there are four separate lawsuits filed by Chase. JP Morgan & Chase released a statement about the lawsuits that are underway, shedding some light as to just how much the ATM Bank Fraud Folk made off with. "On August 28 and 29, 2024, an individual deposited two checks in Defendant's Chase bank account in the amounts of $75,000.00 and $245,999.12 at an ATM. After the checks were deposited, Defendant began transferring substantial amounts of those ill-gotten funds out of its account. The checks were eventually returned as counterfeit, resulting in a substantial negative balance."
After a TikTok went viral, a significant amount of people tried this trick. Over the summer, social media users heralded the ATM bank fraud hack as 'Free Money'. But, we all know that's not a thing. In a statement released by Chase Bank, they warned "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."
Sadly, this little loophole has been shut down. Furthermore, Chase Bank is now all over the quick and easy fraud trick. In the future, if you find some way to take a little back from the banks, keep it to yourself. It's always the loudmouth who spoils it for everyone else.
