A series of recent viral videos have made it seem like people were getting “free” cash from Chase Bank ATMs after depositing fake checks for large amounts and withdrawing the money before they could bounce.
The videos, which spread across TikTok and X over the weekend, suggested to viewers that this was a way to cheat a “glitch” in the banking system. However, in a statement to Yahoo News, a Chase spokesperson emphasized that this isn’t a harmless internet trend but is “fraud, plain and simple,” if people act on it.
Yahoo News could not verify if anyone who posted videos about the Chase ATM glitch actually committed the crime. One video that had been reposted by multiple accounts on X and had gotten thousands of shares shows a group of men celebrating after allegedly pulling off the hack. However, a closer look at the cash they’re holding reveals that it says, “Motion Picture Purposes.”
The creator of another widely circulated video, which allegedly showed his bank account with $40,000 in debt, celebrated on Instagram that news outlets were sharing his post and told followers to message him if they wanted something promoted on his account.
Chase confirmed with Yahoo News that it was aware of the trend but did not answer whether the bank was working with authorities or how many customers tried to participate.
The scheme is not a farfetched idea and does pull from another fraudulent practice called “check-kiting,” where customers write bad checks between two different bank accounts with insufficient funds and take advantage of the time it takes for banks to clear the check by, essentially, inflating their account balances with imaginary money. Check-kiting is illegal and the ramifications of getting caught doing it can include jail time and hefty fines — even for a first-time offender.
Whether or not the viral videos are real, the trend promotes check fraud, which Luis Corrons, a cybersecurity expert for Norton, defines as “intentionally deceiving a financial institution to gain access to funds that do not belong to the individual.”
“It’s a criminal offense,” Corrons told Yahoo News. “Financial institutions are highly vigilant about fraudulent activities and once you’re flagged for fraud, it can result in your account being frozen or permanently closed.”
According to Forbes, around 80% of young adults get their financial advice from social media, with TikTok being the third-biggest source for those surveyed. Topics like “passive income” and “get rich quick plans” are ranked as the most popular types of financial advice videos targeting young people on social media.