The Street
The Street
  • last month
Some customers who participated in the viral fraudulent act may be forced to pay back six-figure sums.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Consumer confidence hit a nine-month high in October
00:07after seeing the biggest one-month rebound
00:10in more than three years.
00:11Americans told the conference board
00:13they are less concerned about inflation and jobs.
00:17A separate report from the Labor Department,
00:19however, showed a continued slowdown in the labor market.
00:22Job openings in September dropped to their lowest
00:25since January 2021.
00:29In corporate news, a social media craze
00:31is landing some customers of Chase Bank in hot water.
00:35Chase is suing four people who utilized an ATM glitch
00:38to fraudulently withdraw at least half a million dollars.
00:42The trick was made popular on TikTok and Instagram.
00:46The individuals being sued deposited fake checks
00:49into their accounts, which then reflected a higher balance.
00:52Then they immediately withdrew big bucks,
00:55leaving their accounts with huge negative balances.
00:59When the electronic clearinghouse used by all banks
01:02went to get the money from the accounts
01:03used for the bad checks, there was nothing to collect.
01:07According to the lawsuit, one account holder
01:09withdrew $290,000.
01:12Another one took $141,000.
01:15The third defendant took $138,000,
01:18and the fourth one got away with $90,000.
01:21A spokesperson for parent company JP Morgan Chase
01:23told reporters, quote,
01:25This is a crime that impacts everyone
01:27and undermines trust in the banking system.
01:30We're pursuing these cases
01:31and actively cooperating with law enforcement
01:33to make sure if someone is committing fraud
01:35against Chase and its customers,
01:37they're held accountable.
01:39Chase is being quiet about how much money
01:41it could actually lose.
01:43While the lawsuit takes aim at just four people,
01:46the bank thinks they're worth thousands of copycats.
01:49The videos detailing the fake check scheme
01:52have millions of views.
01:54The loophole has since been fixed.
01:56That'll do it for your daily briefing
01:58from the New York Stock Exchange.
01:59I'm Conway Gittins with The Street.

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