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Yesterday, a glitch in Chase Bank's system allowed people to withdraw funds they weren’t entitled to, prompting the bank to place 7-day holds on the affected accounts.
Chase Bank said it was reviewing incidents of individuals who may have participated in an online check fraud "glitch" trend and referring them to law enforcement authorities.
Fake check deposits are a common form of check fraud and are not new, although the chaos of this weekend saw many online discover the tactic for the first time — and mistaking it for a money hack.
Routing number verification is limited to verifying the bank name, address and phone number and cannot determine if the checking account is valid of perform funds verification. It can be valuable in locating fraudulent checks or drafts, and in getting contact information for the bank for merchant funds verification or account validation.
• Fake email addresses - Malicious actors sometimes send from email addresses made to look like an official email address but in fact is missing a letter(s), misspelled, replaces a letter with a lookalike number (e.g. “O” and “0”), or originates from free email services that would not be used for official communications.
User being asked to dial a number or a send a message which helps the server identify that the number is genuine and valid. With the advent of smartphones, type 0 or type 1 SMS are also being employed to send the codes which are used to verify the genuine user. Soft tokens generated within the smartphone or push messages can also be used.
The fake check can present either as a personal or cashier's check. The scammer then requests that the victim pay them the excess between the intended amount and the amount on the check. [ 2 ] After the victim does so, they discover that the scammer's check was fraudulent, losing their money.
Use a phone number you trust, such as the number on a past statement or a verified number from your phone's address book. Beware of unsolicited messages claiming something’s wrong with your account.