Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
TikTok Finance: Lessons from Viral Chase Bank ‘Glitch’
Fraud | Sep 5, 2024
Image: Freepik/kues1
The viral Chase Bank "glitch" discovered on TikTok over the weekend, was just an old check fraud scam, leaving many with major financial and legal implications
Swarms of people were drawn in by a viral TikTok craze over Labour Day weekend. Users raced to Chase Bank ATMs after hearing about a glitch that delivered "free money." Online videos showed customers depositing big checks into their bank accounts, and then immediately taking out cash right away. But it was a short-lived victory as people quickly learned they were in fact committing good ole fashion check fraud, which is against the law. Chase Bank promptly explained that these actions were fraud and serious.
Social Media and Misinformation
According to reports, deepfake images were being circulated online showing lines of people outside Chase branches making a bad situation even worse. Social media's ability to quickly disseminate false information encouraged many young people to commit fraud without fully understanding the repercussions.
See: Financial advice blows up on TikTok. The narrative has changed
Many participants discovered that their accounts were locked and had negative balances the next day. It's a shame that young and old were unable to spot the warnings of fraud. People need to be aware of the dangers of reacting to unreliable information on the web, especially when it comes to money. Legal action may also be taken against those who tried out the Chase bank 'glitch', causing serious repercussions.
“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.”
Think Before You Click
It's more important than ever to be cautious with any so called 'hack' online or get rich quick scheme. As financial experts have been saying for years, if it's too good to be true then it probably is.
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