2024-09-10 03:13:37
A new TikTok trend is leading young people into debt. A supposed ATM “life hack” turns out to be a painful scam.
Young people have attempted to obtain free cash using an alleged trick at ATMs belonging to the US bank JPMorgan Chase. The inspiration for this came from a new TikTok trend that went viral last week. Experts are now warning of the consequences.
Numerous videos on TikTok show users who were able to withdraw large amounts of money in a short period of time. The reason for this is an alleged error in the Chase Bank ATMs. Despite insufficient funds, users are said to have received tens of thousands of dollars “for free”. All you have to do is write a check with a fictitious amount and the machine will then pay out a partial amount.
However, it quickly became apparent that the scam was check fraud. After just a few days, the bank attempted to debit the amounts paid out from the affected accounts. Many of these accounts were subsequently blocked, US media reported.
The young people affected now face not only high debts but also possible criminal proceedings. Writing bad checks is classified as fraud and can have significant legal consequences.
“It’s tempting to try to keep the money, but banks have systems to detect such errors. It may take a few days or even a few weeks, but they will recognize the error and reverse the deposit,” financial expert Alaina Fingal told US magazine CNet.
She advised people to contact their bank quickly if they have overpaid: “Call your bank – even if the error is in your favor, says Fingal. Then make a plan to pay the money back as quickly as possible.”
Video platforms such as TikTok have already reacted and removed many of the relevant videos. There is no exact information on the number of people involved. The Wall Street Journal reported that thousands of cases are currently being tracked by the bank.
JPMorgan Chase told the US newspaper that all attempted fraud would be tracked down and passed on to the investigative authorities. In particularly serious cases, these are crimes that can be investigated at the federal level. The US Federal Bureau of Investigation (FBI) could even get involved.
Many social media users were irritated by the naivety of many people who believed in such “life hacks.” Several financial experts pointed to the inexperience of young people and called for paper checks to be abolished once and for all.