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Online influencers commit fraud as they withdraw checks from bank in viral trend

One video showed several individuals celebrating, throwing money into the air, and displaying wads of cash as they apparently succeeded at exploiting the ATMs with fraudulent checks.

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JPMorgan Chase, the parent company of Chase Bank, is headquartered in New York, where check fraud can be punished as a misdemeanor or a felony, depending on the amount of money involved in the crime. File Image.

Online influencers who claimed to find a glitch with Chase Bank allowing them to withdraw large sums of money from ATMs have simply committed fraud, according to the financial institution.

 

Several viral videos earlier this week depicted individuals depositing checks at ATMs and then making withdrawals for slightly lower amounts. Chase Bank nevertheless said in a statement to the media that the company, which is still determining the extent of the phenomenon and how much money was involved, believes the influencers merely committed illegal check fraud.

 

 

“Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple,” a spokesperson from Chase told several outlets.

 

One video showed several individuals celebrating, throwing money into the air, and displaying wads of cash as they apparently succeeded at exploiting the ATMs with fraudulent checks.

 

 

Other viral videos, however, showed social media users reacting to enormous negative balances which appeared in their accounts after they attempted the scheme.

 

The banking system usually allows for a portion of cashed checks to be immediately available while the remainder of the funds clear, allowing the social media influencers and those attempting to replicate the trend to withdraw some of the funds before they were caught.

 

JPMorgan Chase, the parent company of Chase Bank, is headquartered in New York, where check fraud can be punished as a misdemeanor or a felony, depending on the amount of money involved in the crime.

 

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