Social media has its benefits in being able to provide many people with information quickly and as it happens. However, with those benefits comes the risk of the information not being accurate, due to less diligence being performed to verify facts.
In September of 2024, social media began to spread information regarding a "glitch" that customers of Chase Banks could take advantage of via their ATMs. As this information spread, many customers of Chase Bank believed this to be a glitch that would have no repercussions. Those that believed the "glitch" and followed what they heard on social media, were committing Check Fraud.
While Chase is handling these fraud incidents internally and are working with the authorities, the media coverage and information about this incident have provided scammers with a situation that opens consumers up to be more vulnerable to their tactics.
How Scammers Take Advantage
Whenever fraud makes headlines, scammers — despite usually being the source of fraud — can pretend to offer support to consumers who might be dealing with the fraud or have concerns about the fraud impacting them.
Emails, text messages, and calls will attempt to convince consumers that they are dealing directly with the fraud department, the police or other authorities, or the financial institution themselves. These attempts will seek to gain account details, numbers, and personal information. Scammers use tactics that involve emotional responses in order to force their victim to react without pausing to verify facts.
While these attempts can be convincing, always remember financial institutions will NEVER ask you to verify information by asking you to provide the information to them.
What To Do
If you receive a phone call from someone claiming to be from your financial institution, the police (or other authorities), or a fraud department, you have the right to tell them that you will call them back. If you do this, ensure you are calling the correct number by using the number on the back of your credit/debit card, your statement, or an official website. Do not simply call the number that called you.
If you receive an email or text message alerting you to fraud, do not click any links or dial any number provided within that email or text message. Instead, contact your financial institution directly by using the number on the back of your credit/debit card or on your statement.
If you do not have an account with the financial institution that is alerting you to the fraud attempt, simply delete the email, hang up the call, or delete the text message. Then review your credit report to ensure there have been no accounts opened without your knowledge and follow the steps provided by the credit reporting agency to resolve any mistakes.
To be completely safe from new accounts being opened in your name, without your authorization, simply place a freeze on your credit reports with each of the three major credit reporting bureaus.