The recent TikTok trend dubbed the “Chase Bank glitch,” serves as a stark reminder of the dangers of unverified financial advice on social media. While the claims of a glitch that allowed users to withdraw large sums of money without sufficient funds were initially met with excitement and disbelief, the reality was far more sinister.
Have you heard of the so-called banking glitch? We’ll explain it and why it is backfiring so harshly.
Chase Bank Glitch: What Really Happened?
The trend began with TikTok users claiming they had discovered a “glitch” at Chase Bank ATMs, allowing them to withdraw large sums of money without sufficient funds.
How was this achieved? By depositing fake checks to themselves, the bank naturally needs a few business days to verify the check’s authenticity. Before that process was finished, these perpetrators would withdraw the money before the checks were verified, allowing them to take out thousands of dollars they didn’t have.
Many TikTok videos misleadingly presented this as a harmless hack or glitch, encouraging others to try it. Chase Bank quickly addressed the issue, clarifying that this was not a glitch but outright fraud, emphasizing that depositing fraudulent checks and withdrawing funds is illegal.
Engaging in such fraudulent activities will have severe legal repercussions. Those involved could face felony check fraud charges, especially if the amount involved is significant. They may find their accounts locked and showing large negative balances and will be required to repay the money withdrawn.
Even worse, in the long run, this scam could damage their credit history, which affects future rentals, jobs, loans, and other activities that require a background and credit check!
A Cyber Security Perspective on the Chase Bank Glitch
This incident highlights the critical importance of cyber security awareness and education. Social media platforms can be powerful tools for spreading information, but they can also be breeding grounds for misinformation and scams. It’s essential to be cautious about financial advice obtained from unverified sources.
This situation underscores the need for enhanced monitoring and prevention measures from a cyber security standpoint. Banks and financial institutions must continuously monitor and address such threats to protect their customers; Chase has already issued statements about this so-called “free money hack.”
Other measures to protect financial and personal data include implementing advanced fraud detection technologies, educating employees about emerging threats, and fostering a culture of cybersecurity awareness among peers and coworkers.
Protecting Yourself and Your Organization
To safeguard your personal finances and organizations operations from similar threats, consider the following:
Be skeptical of social media financial advice.
Don’t trust financial “hacks” or “glitches” you see on social media without verifying them from reliable sources. Many of these schemes are illegal and can lead to severe consequences.
Keep Your Software and Systems Up-to-Date
Ensure your banking apps and devices are updated to protect against security vulnerabilities that fraudsters might exploit.
Use Strong, Unique Passwords
Protect your bank accounts with strong, unique passwords. To minimize the risk of one account being compromised, avoid using the same password across multiple accounts.
Implement Multi-Factor Authentication
Enable multi-factor authentication on your bank accounts. This requires you to sign in with an additional method like your biometric ID or a one-time password, that only you can access.
Educate Yourself
Stay informed about common scams and best practices for online security. Understanding the risks and how to avoid them can help you make safer financial decisions.
By staying informed and taking proactive steps, you can help protect yourself and your business from the ever-evolving landscape of cyber threats.
Next time you think you see a get-rich-quick scheme, remember that’s precisely what it is: A scheme.
At Commonwealth Sentinel, we can evaluate your existing IT security and work with your team to improve it. We can also provide a complete source of services. At Commonwealth Sentinel, we stay focused on cyber security so you can focus on other things. Contact us today or sign up for a free consultation.
At Commonwealth Sentinel, we stay focused on cyber security so you can focus on other things.