TikTok Fraud Exposes Gaps in Financial Literacy | Accounting ARC

CPA Trendlines Podcasts

Social media users jumped on a Chase ATM “free money” scheme—but the consequences were severe.
Accounting ARC
With Liz Mason, Byron Patrick, and Donny Shimamoto.
Center for Accounting Transformation
In the age of social media, financial misinformation can spread as rapidly as it’s created, and the Chase Bank ATM scam exemplifies this.
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A supposed “glitch” that allowed users to deposit checks and withdraw amounts above the federally set limit for immediate withdrawals became a viral trend on TikTok, leading many to commit fraud unknowingly. Hosts Liz Mason, CPA; Byron Patrick, CPA.CITP, CGMA; and Donny Shimamoto, CPA.CITP, CGMA; analyze the scam’s implications and highlight the lack of financial literacy that may have facilitated its spread.