JPMorgan Chase is reacting to viral social media posts about a few of its clients making an attempt to use a “financial institution glitch” that quantities to easy checking fraud.
“We’re conscious of this incident, and it has been addressed,” a spokesperson for Chase mentioned in a press release to PEOPLE and different information shops.
The spokesperson didn’t touch upon the extent of the fraud or the penalties for accounts and clients concerned.
However, they warned, “No matter what you see on-line, depositing a fraudulent verify and withdrawing the funds out of your account is fraud, plain and easy.”
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In latest days, social media platforms like X and TikTok have included many customers discussing a so-called “glitch” at Chase during which clients might take out vastly extra money from their accounts than they really had by depositing unhealthy checks after which instantly withdrawing the cash from a Chase ATM earlier than the verify had bounced.
(The apply is much like verify kiting.)
It’s unclear what number of Chase clients truly tried to withdraw cash utilizing the “glitch” primarily based on the unhealthy checks.
Some social media customers additionally claimed that they then suffered huge detrimental account balances — within the tens of hundreds of {dollars} — because of making an attempt to take out money this fashion.