Rumors recently spread like wildfire on social media about a malfunction in online banking which reportedly enabled customers to withdraw up to $50,000 or even more through Chase Bank ATMs, without consequences.

The idea of ​​getting “free money” has captured the imagination of many, and these people have reportedly tried to take advantage of the reported outage.

What is the viral Chase Bank ‘glitch’ scam that allows you to withdraw money? How does it work?

According to pop culture website Complex.com, the so-called glitch a form of check fraudwhere people depositing fake checks for large sums of moneywhich would then give the depositor the opportunity to withdraw money at the ATM. The checks are not marked at first, allowing the withdrawal to continue.

According to the site, Chase has taken steps to rectify the situation and those who tried to profit from the alleged outage have been punished with seven-day detention or ended with huge negative account balances.

Complex.com adds that Chase “has not acknowledged the virality of the fraudulent transactions.”

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The difficulty of profiting from a bank failure

Other websites have attempted to clarify that there are reports of the “Chase Bank outage” are unfounded.

According to MalwareTips.com, a community-based platform that provides information about cyber threats, there is no evidence that such a fault existsThe site points out that major banks like Chase have systems that prevent such fraudulent transactions.

The site also points out that in the unlikely event that someone does manage to do it to withdraw money that is not theirsthe bank will be able to detect the error and try to recover the amountand maybe add some fines too.

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Scammers spread rumors about bank outages

These so-called viral banking failures are often fabricated by scammers who use greed to lure their victims. The idea of get rich quick can lead people to make bad decisions.

People who fall for scams like the “Chase Bank outage” can become victims of phishing and malwarecausing their account details to end up in the wrong hands.

The smartest thing to do is Report disruptions to your bankand keep in mind that There is no such thing as free money.