A new TikTok trend has people risking prison time for a “free money” hack that is really just run-of-the-mill fraud.
A spokesperson for Chase Bank said that was far from the case.
Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple,” a Chase spokesperson said in a statement to Fortune.
How it works is someone writes a fake check and deposits it in their own bank account at an ATM.
The Chase Bank trend is just the latest “get rich quick scheme,” a centuries-old concept that has been resuscitated by social media, drawing desperate people into financial crime.
Others have suggested people can skirt taxes via the creation of an S-corp, while some have recommended flat out PPP loan fraud.
Dan Awrey, a professor of Cornell Law school wrote on X that this type of fraud is nothing new. »
