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Think twice before you run to your nearest Chase bank to attempt a glitch (read: check fraud), because a few people are reeling from the consequences.
The "glitch" is simply either depositing fake checks for large sums of money which aren't immediately flagged, allowing people to then withdraw the money or see it in their account immediately, or applying for large loans.
Obviously, Chase caught on quick. People attempting the exploit are now being hit with seven-day holds or extreme negative balances, some reportedly in the tens of thousands.
Similar exploits have happened in the past with Cashapp, where people were able to transfer large amounts of money they didn't have, and DoorDash, where customers could order whatever they wanted without being charged. In both cases, the charges were reversed and people were left being forced to pay their debts.
Chase has not acknowledged the virality of the fraudulent transactions. In the meantime, stick to using the money you do have.
Media:
The Hype
The Consequences
Think twice before you run to your nearest Chase bank to attempt a glitch (read: check fraud), because a few people are reeling from the consequences.
The "glitch" is simply either depositing fake checks for large sums of money which aren't immediately flagged, allowing people to then withdraw the money or see it in their account immediately, or applying for large loans.
Obviously, Chase caught on quick. People attempting the exploit are now being hit with seven-day holds or extreme negative balances, some reportedly in the tens of thousands.
Similar exploits have happened in the past with Cashapp, where people were able to transfer large amounts of money they didn't have, and DoorDash, where customers could order whatever they wanted without being charged. In both cases, the charges were reversed and people were left being forced to pay their debts.
Chase has not acknowledged the virality of the fraudulent transactions. In the meantime, stick to using the money you do have.
Media:
The Hype
The Consequences
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