In the ever-evolving landscape of social media, new trends emerge daily, enticing users with promises of quick financial gains. However, an alarming scam has caught the attention of the Federal Trade Commission (FTC), prompting a stark warning: what some deem a savvy money-making hack is actually bank fraud.

The Trend Dissected

Imagine scrolling through social media and coming across a video suggesting an ingenious way to double your money using checks. The trend encourages individuals to write checks for more than they possess, deposit them into another account, and withdraw the funds before the check clears. Tempting? Perhaps. Legal and safe? Absolutely not.

FTC’s Stern Caution to Users

The FTC has issued a public alert, emphasizing the dangers of this deceptive practice. According to their advisory, engaging in such activities can lead to severe repercussions, including the responsibility to repay the entire amount withdrawn, losing banking privileges, or even facing legal action.

“Engaging in this so-called hack places you at risk of bank fraud,” warns the FTC. They urge all users to exercise caution and forethought before participating in such trends.

Steps to Protect Oneself

The FTC advocates for due diligence before falling victim to such scams:

  • Investigate the Trend: Use search terms like “fraud” or “scam” to gather insights from multiple sources.
  • Evaluate Trustworthiness: Consider the reliability of the account promoting this trend.
  • Consult Reputable Sources: Cross-reference advice from several well-known sources to make informed decisions.

A Call for Vigilance

Though the allure of fast cash can be enticing, it’s crucial to remember the potential consequences of such actions. Social media users must remain skeptical and discerning when confronted with trends that appear too good to be true. Keep in mind: if it sounds too good - it likely is.

This warning serves as a reminder to not take online advice at face value and always verify its authenticity. “Our goal is to protect consumers from financial harm,” says an FTC spokesperson, urging vigilance as the first line of defense.

Polarizing social media trends remind us that not everything that glitters is gold. Stay informed and protect your financial wellbeing. According to WBTV, awareness could save you from inadvertently committing a felony.