Resourceful TikTok users apparently believed they had found a “cheat” for unlimited money in real life. However, it was just an ancient crime: check fraud.
What type of fraud is this? Over the weekend, several videos went viral on TikTok in which users issued uncovered checks for large amounts and quickly withdrew the money before the check could bounce. This was reported by, among others, CNN and the Guardian.
The press reports in astonishment:
- In one video, a user threw dollar bills into the air.
- In another video, a man disappointedly showed his account balance, which was suddenly several tens of thousands of dollars overdrawn.
The “IRL cheat” was apparently made possible due to a glitch in the system of the U.S. Chase Bank. The bank responded promptly and fixed the problem. A spokesperson for Chase stated: “It’s fraud, plain and simple.”
TikTok users rediscover a 100-year-old fraud
How did the scheme work exactly? The “trick” involved issuing oneself a check for an absurdly high amount – with money one didn’t even have. Through the bank’s system, one could at least access part of the amount immediately before the check was verified.
Then one simply had to withdraw as much money as possible before the check could bounce – at least in theory. A video showing people lining up in front of the bank to exploit the error received over 20 million views on X, formerly Twitter.
What was behind this? As some users quickly realized on social media, the supposed glitch was simply check fraud – a type of fraud that, as an expert explains, has existed as long as checks themselves.
More specifically, many see it as a sort of modern form of what is known as “kiting.” This form of fraud has been documented since the 1920s and can incur fines of up to $1 million and sentences of up to 30 years in prison in the U.S.
Consequently, users on social media have little sympathy for those who now supposedly owe Chase tens of thousands of dollars. One user quips on Reddit: “Banks hate this trick!”
Another speculates: These may even be multiple crimes. Yet another summarizes resignedly: “The fact that adult people in the digital age thought this would work is … frustrating.”
It is currently unknown how many users actually tried the hack, and whether investigations are being conducted against them. In fact, platforms like TikTok repeatedly give rise to dubious trends, ranging from “stupid” to “illegal” to “dangerous.” 18-year-old hosts “trespassing challenge” on TikTok
