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Chase bank helped scammers scam my sister
Their site misleads customers and
scammers are taking advantage of it
@Chase isn& #39;t lifting a finger to stop them
Here& #39;s what happened
(a thread)
Their site misleads customers and
scammers are taking advantage of it
@Chase isn& #39;t lifting a finger to stop them
Here& #39;s what happened
(a thread)
My sister wanted a summer job
She found someone who wanted her help coordinating payments
They would send her checks
She needed to deposit them into her own account
And Venmo the money over to the payee
She found someone who wanted her help coordinating payments
They would send her checks
She needed to deposit them into her own account
And Venmo the money over to the payee
My sister thought it was weird
But the checks seemed legit
She tried depositing them. A couple days later Chase& #39;s site showed the checks had cleared
If the bank says money has been transferred, then it must be true
Right?
But the checks seemed legit
She tried depositing them. A couple days later Chase& #39;s site showed the checks had cleared
If the bank says money has been transferred, then it must be true
Right?
A few weeks later, the checks all bounced
Her account was overdrawn
By thousands of dollars
Her account was overdrawn
By thousands of dollars
How?
Here& #39;s what happens when you deposit a check:
1) You deposit it
2) It gets sent to the other bank
3) They validate it
4) They tell your bank
Steps 2-4 can take WEEKS
Here& #39;s what happens when you deposit a check:
1) You deposit it
2) It gets sent to the other bank
3) They validate it
4) They tell your bank
Steps 2-4 can take WEEKS
But @Chase removes the "pending" status from the check waaay before they actually now it& #39;s valid
Why?
Most checks are legit
This lets folks access their money faster
Allowing withdrawals early is a feature
Pretending the check isn& #39;t pending is a bug
Why?
Most checks are legit
This lets folks access their money faster
Allowing withdrawals early is a feature
Pretending the check isn& #39;t pending is a bug
Did @Chase enable this fraud on purpose?
Of course not
Did they create an environment where scammers could thrive?
Absolutely
It& #39;s unintentional harm
Involuntary Manslaughter
Of course not
Did they create an environment where scammers could thrive?
Absolutely
It& #39;s unintentional harm
Involuntary Manslaughter
What do other companies do in this situation?
TYLENOL MURDERS:
1982: Someone started poisoning @tylenol bottles
Tylenol did a full recall and invented tamper-proof bottles
They fixed the problem at a systemic level
TYLENOL MURDERS:
1982: Someone started poisoning @tylenol bottles
Tylenol did a full recall and invented tamper-proof bottles
They fixed the problem at a systemic level
DISCOVER& #39;S CREDIT CARD FRAUD PROTECTION
Ever buy something online with your @Discover card, only to later realize the product was a fake?
Discover happily cancels the transaction and refunds the purchase
It costs them money
But they focus on preventing fraud before it happens
Ever buy something online with your @Discover card, only to later realize the product was a fake?
Discover happily cancels the transaction and refunds the purchase
It costs them money
But they focus on preventing fraud before it happens
What should @Chase have done?
Make the status of the check abundantly clear!
If the check could still bounce, let customers know!
Scammers count on them not doing this
Make the status of the check abundantly clear!
If the check could still bounce, let customers know!
Scammers count on them not doing this
What did @Chase actually do?
Shake down their customers
They came after my father
My sister& #39;s account was made when she was still in high school
Chase had required a guarantor
Dad put his own name down
And now Chase pulled the remaining money out of his account
Shake down their customers
They came after my father
My sister& #39;s account was made when she was still in high school
Chase had required a guarantor
Dad put his own name down
And now Chase pulled the remaining money out of his account
@dvargas92495 also got caught by the exact same scam a few months ago
If I personally know two people who were tricked like this
How many people must be falling for this scam every day?
https://twitter.com/dvargas92495/status/12899944450189434a88">https://twitter.com/dvargas92...
If I personally know two people who were tricked like this
How many people must be falling for this scam every day?
https://twitter.com/dvargas92495/status/12899944450189434a88">https://twitter.com/dvargas92...
But @ChaseSupport hasn’t been interested in accepting any responsibility for their part in this scheme
Why bother fixing the system when you can just pull money from your customer’s bank accounts?
Why bother fixing the system when you can just pull money from your customer’s bank accounts?
My sister won’t be using Chase anymore.
They don’t tamper proof their bottles.
If you want more details, I& #39;ve written it all down in this post: https://www.zainrizvi.io/blog/how-banks-help-scammers-with-their-bad-ui">https://www.zainrizvi.io/blog/how-...
They don’t tamper proof their bottles.
If you want more details, I& #39;ve written it all down in this post: https://www.zainrizvi.io/blog/how-banks-help-scammers-with-their-bad-ui">https://www.zainrizvi.io/blog/how-...
If you& #39;d like to help, consider amplifying this message
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Thank you! https://twitter.com/ZainRzv/status/1311701855148236800">https://twitter.com/ZainRzv/s...
Please like every message in this thread and retweet the 1st message
Thank you! https://twitter.com/ZainRzv/status/1311701855148236800">https://twitter.com/ZainRzv/s...
