leadership for the future: stakeholders, sustainability, and strategic vision<\/a> |<\/p>\n<\/blockquote>\na supposed \u201cglitch\u201d 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. in a recent accounting arc episode, hosts liz mason, cpa; byron patrick, cpa.citp, cgma; and donny shimamoto, cpa.citp, cgma; analyze the scam\u2019s implications and highlight the lack of financial literacy that may have facilitated its spread.<\/p>\n
<\/p>\n
the \u201chack,\u201d as portrayed in viral tiktok videos, involved depositing checks via atms and immediately withdrawing the entire deposit amount instead of the legally allowed $225. mason, founder and ceo of high rock accounting, explains, \u201cthe algorithm appeared to allow withdrawals above the legal limit, often up to the full deposit amount,\u201d leading many users to attempt this trick. but there was a catch: after a few days, the checks bounced, leaving these individuals with overdrafts and legal trouble.<\/p>\n
according to patrick, ceo of verifyiq and vice president of client success at the b3 method institute\u00ae, this glitch isn\u2019t unique.<\/p>\n
\u201cthis isn\u2019t a new scam\u2014it\u2019s an updated version of check kiting,\u201d patrick says. he elaborates that the check\u2019s deposited value was not immediately verified, leaving these tiktokers with temporary access to funds they didn\u2019t have.<\/p>\n
mason points out the underlying issue of financial illiteracy, especially among young people who might not grasp the implications of overdrafts or unverified deposits. she remarks, \u201cthere\u2019s no free money. but without a foundation in basic financial concepts, some people may fall for these tricks.\u201d<\/p>\n
patrick agrees, noting a disconnect in financial understanding even among adults. \u201cpeople use banks without understanding them, like drivers who don\u2019t understand engines. it\u2019s not their fault\u2014many just haven\u2019t had the chance to learn,\u201d he notes. this knowledge gap, he says, makes users susceptible to fraudulent trends on social media.<\/p>\n
social media platforms are also criticized for enabling financial misinformation to spread. shimamoto, founder and managing director of intraprisetechknowlogies llc and founder and inspiration architect for the center for accounting transformation, \u00a0expresses his frustration, stating, \u201cthese platforms allow misinformation to thrive. they\u2019re often focused more on engagement than on responsibility.\u201d the hosts argue that social media platforms must do more to educate users and debunk harmful financial myths.<\/p>\n
similarly, mason, patrick, and shimamoto believe the accounting profession also has a duty to counter this misinformation. shimamoto explains, \u201cwe, as financial professionals, must step in. accountants should be the voice of reason.\u201d the hosts encourage cpas to promote financial literacy actively, both in schools and the broader community.<\/p>\n
ultimately, the podcast episode serves as a stark reminder. in an era where misinformation spreads rapidly, understanding personal finance is crucial. the hosts\u2019 message is clear\u2014financial literacy is essential, now more than ever.<\/p>\n
top takeaways<\/strong><\/p>\n\n- the chase atm glitch allowed tiktok users to deposit checks and withdraw more than allowed, leading to bounced checks and overdrafts. this scheme reflects a lack of financial understanding, especially among younger people. in fact, many tiktok users were unaware they were committing fraud by exploiting the glitch.<\/li>\n
- social media can perpetuate dangerous financial trends due to its viral nature.<\/li>\n
- accountants play a crucial role in educating the public on financial literacy.<\/li>\n
- financial literacy should be taught in schools to prevent future fraud incidents.<\/li>\n
- understanding the legal implications of \u201ctoo-good-to-be-true\u201d schemes is essential.<\/li>\n
- social media platforms should work to reduce the spread of harmful financial misinformation.<\/li>\n
- critical thinking and professional skepticism are important when assessing financial trends online.<\/li>\n
- accounting professionals can help debunk financial scams and promote responsible financial practices.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"
social media users jumped on a chase atm \u201cfree money\u201d scheme\u2014but the consequences were severe.<\/strong>
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\naccounting arc<\/em><\/strong>with liz mason, byron patrick, and donny shimamoto.<\/i>
\ncenter for accounting transformation<\/a><\/em><\/p>\n","protected":false},"author":4585,"featured_media":135072,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"0","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[4722,1362,2327,2734,3002,2764],"tags":[4057,4066,4774,4067,4775,4065,4773],"class_list":["post-135069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-arc","category-featured-video","category-innovation","category-podcast","category-special","category-video","tag-accounting-arc","tag-byron-patrick","tag-chase-bank-fraud","tag-donny-shimamoto","tag-financial-literacy","tag-liz-mason","tag-tiktok"],"acf":[],"yoast_head":"\ntiktok fraud exposes gaps in financial literacy | accounting arc - 卡塔尔世界杯常规比赛时间<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n