US regulators are warning the public of viral advice on social media that could get them in legal trouble.
In a new consumer alert, the Federal Trade Commission (FTC) says that the supposed hack from videos and posts online tells people to write checks for more money than they have, deposit them into a different account and then withdraw the funds before the check gets fully processed.
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The regulator says that the scheme actually counts as bank fraud, and doing this could have serious consequences.
“What the video or post might not tell you is that could leave you on the hook for paying back all the money, kicked out of your bank, and in serious legal trouble for bank fraud.”
Authorities are already going after individuals who engaged in similar activities. In February, police in Louisiana obtained an arrest warrant for a woman accused of depositing a total of $185,000 worth of fraudulent checks into her personal bank account before going on the run.
Investigators found that Tashiuntay Miles did not have the proper authorization to negotiate one of the checks, which was discovered to have been manufactured to include her address and signature.
The suspect is facing one count of bank fraud.
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