Chase Bank said it was reviewing incidents of individuals who may have participated in an online check fraud ‘glitch’ trend and referring them to law enforcement authorities.<\/p>\n
Last weekend, social media saw millions of users engaging with posts suggesting an error at the bank was causing ATM machines to give users unlimited cash. <\/p>\n
In fact, the meme was prompting users to commit check fraud by requesting cash they didn’t have after depositing a phony check for the amount they were seeking. <\/p>\n
Within 24 hours, after the suspicious activity was discovered, users reported having their bank accounts blocked.<\/p>\n
\u201cAs with any fraud-related issue, we review internally and refer to law enforcement as appropriate,’ a Chase spokesperson said in a statement. ‘Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple.\u201d<\/p>\n
The latest development was first reported by The Wall Street Journal, which said the bank was reviewing ‘thousands’ of incidents. NBC News could not independently confirm the figure. <\/p>\n
The Journal also reported there was actually a technical error that allowed customers to withdraw the full amount of the funds they requested via check \u2014 rather than the usual case of only a partial amount \u2014 before it had cleared.<\/p>\n
A source familiar with the matter confirmed there was an error that was eventually fixed. <\/p>\n
It is not clear how the ‘glitch’ trend began, but by last Saturday, the meme had exploded onto TikTok, where some people filmed themselves bragging about their seemingly newfound riches. <\/p>\n
Criminal statutes on the severity of punishment for instances of check fraud vary by state. In California, misdemeanor check fraud charges can carry a one-year prison term plus financial penalties. In New York, misdemeanor check fraud can entail up to three months in jail and a fine. <\/p>\n
But the charges can be stiffer depending on the amount of funds implicated in the incident and the individual’s criminal history.<\/p>\n<\/p>\n
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