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Features: Fighting Payments Fraud

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For many people, TikTok has become their go-to source for information on everything from fashion to food to home maintenance. Gone are the days of having to figure it out yourself or "Google it"; influencers now post short videos detailing how to perform any number of supposed "life hacks" meant to make life a little easier or, at the very least, more entertaining. In the past year, one more hack joined the list: check fraud. The hack went viral in the fall of 2024, and it was surprisingly easy: Chase Bank customers wrote checks of significant amounts to themselves, deposited those checks into a Chase ATM, and immediately withdrew as much cash as possible even if they didn't have those funds in their accounts.

Suggested Citation

  • Matthew Wells, 2025. "Features: Fighting Payments Fraud," Econ Focus, Federal Reserve Bank of Richmond, vol. 25(3Q), pages 18-21, August.
    • Handle: RePEc:fip:fedrrf:101418
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    File URL: https://www.richmondfed.org/-/media/RichmondFedOrg/publications/research/econ_focus/2025/q3/feature2.pdf
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