What is the viral 'Chase Bank Glitch'? Is this a Free Money Scam?

Chase Bank Glitch

September 1, 2024 — Social media has been abuzz with rumours about a supposed "glitch" in Chase Bank’s system that allegedly allowed users to withdraw large sums of money from ATMs without any consequences. However, investigations have revealed that these claims are nothing more than an elaborate scam.

Viral 'Chase Bank Glitch'

In recent days, posts across various social media platforms claimed that a glitch in Chase Bank’s online banking system enabled customers to withdraw amounts as high as $50,000 or more from ATMs. The rumour quickly gained traction, with many users speculating about the possibility of “free money” being dispensed due to a system error.

The Reality Behind the Rumor

Contrary to these claims, reports from reputable sources, including Complex.com, indicate that this so-called glitch is, in fact, a form of check fraud. The scam involves depositing counterfeit checks for large sums, which are not immediately flagged by the bank’s system. This delay allegedly allows the scammer to withdraw money before the fraudulent checks are detected.

Chase Bank has reportedly taken steps to address the situation, including penalizing those who attempted to exploit the alleged glitch. Consequences have ranged from temporary account holds to significant negative balances.

Experts warn that rumours of bank glitches are often spread by scammers who prey on people’s greed. These scams can lead to phishing attacks or the installation of malware, putting individuals’ bank accounts at risk.

Chase Bank has not officially acknowledged the viral rumours but has been active in rectifying any issues caused by fraudulent transactions. Financial experts advise the public to be cautious and to report any suspicious activity to their banks immediately.

There is no such thing as “free money,” and attempts to exploit perceived glitches can result in serious financial consequences.