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The Chase viral trend got promptly shut down by the bank, but this will not be the last time you hear about a check fraud scheme. Banks reported about 680,000 instances of check fraud in 2022 ...
Riverside police arrested two men on suspicion of installing an ATM "skimming" device to collect bank card information that could be used to raid bank accounts.
Nearly all bank customers, or 92%, said they were “likely to reuse their bank” after the institution resolved a case of fraud. Most fraud victims said they still felt pretty good about their bank.
[5] [6] By using prepaid debit cards rather than customer bank cards or customer credit cards, the criminals were able to avoid the alarms or suspension-of-activity that might happen with these other types of cards. [7] The resulting $45 million theft was from the accounts of financial institutions themselves, rather than customer accounts.
The bank fraud statute federally criminalizes check-kiting, check forging, non-disclosure on loan applications, diversion of funds, unauthorized use of automated teller machines (ATMs), credit card fraud, and other similar offenses. Section 1344 does not cover certain forms of money laundering, bribery, and passing bad checks.
A viral TikTok trend that had some people think they were getting “free” cash from ATMs because of a glitch is actually just fraud, according to the bank. Viral videos of people stealing money ...
A similar scam, promising that a "Trump Liberty Coin" purchased for $149 could be redeemed at Bank of America for $100,000, circulated in April 2024; a Bank of America spokesperson denied any connection between the bank and the coins. [8]
Pusateri added that the bank is “open to pursuing other individuals or entities we believe engaged in bank fraud.” JPMorgan Chase is the biggest US bank by assets, with roughly $3.5 trillion.