Smart About Money: Debunking a Dangerous Myth

CGA Solutions, a Georgia investigation firm, recently wrote about a “dangerous myth” being spread in a series of viral TikTok videos.

The videos, according to CGA Solutions, had some users believing they had found a “loophole, a secret trick” that would enable them to withdraw ‘free’ cash from Chase Bank’s ATMs.

Nick Maffeo

“No, this isn’t some loophole,” CGA Solutions made very clear. “It’s fraud.”

Chase Bank put it clearly too: “Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple.”

It’s not really clear how this all got started. Some think it was check fraud scammers who came up with a new way to get others to run bad checks through their personal accounts.

The victim/unwitting “mule” cashes the check and is told to keep some of the money “for their trouble,” sending the rest on to the scammer. Of course, the real trouble starts days or weeks later when the check the scammer provided bounces. The person who ran it through their account is on the hook to repay the entire sum and face whatever repercussions there might be, including potential criminal charges.

It’s also possible that some of the people who make and promote these kinds of social media videos just want to “mess” with someone — encouraging complete strangers to do something that will get them in trouble and laughing about it.

It doesn’t matter why they’re doing it or what they’re up to. What matters is how you think about what you’re seeing — what you decide to believe and what you decide to do.

It would be easy to say, “Well, that’s the internet. Who knows what’s trustworthy on the internet or not?”

If you plan to use the internet at all, that is a key skill to pick up — figuring out who you can trust and how much you can trust them. But it’s not “just” the internet. These kinds of schemes have always been around. They always will be.

Some might say that it’s too obvious to quote that old bit of wisdom about how anything that seems too good to be true is probably not for real. Sometimes people really wish that what they’re hearing is true. They jump in anyway and then have to deal with the aftermath.

Writing about “Understanding the Red Flags of Viral Financial Trends,” Forbes says it’s good to do your own research.

Yes, of course. But when there is no specific, trusted individual to run an idea by, you basically have to be able to rely on yourself to be very skeptical of anyone offering a secret, glitch, trick or loophole that would get you large amounts of “free money.” You have to be able to resist FOMO and you have to be able to not feel pressure to “act now” on a “limited time offer.”

Sometimes a Google search will be enough to help you figure out what’s really going on. If you’re still unsure and there’s no way to get a clear answer, the best course is to just walk away. There’s no need to go out on a potentially very dangerous limb for anything even slightly sketchy — no matter how much it’s trending on social media.

Nick Maffeo is the President & CEO of Canton Co-operative Bank in Canton. Have a question? Email to submissions@thecantoncitizen.com.

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Posted by Nick Maffeo on Jan 24 2025. Filed under Featured Content, Opinion, Smart About Money. Both comments and pings are currently closed.