Card jackpot: $28m lost over three days in ATM scam spread on TikTok

Card jackpot: $28m lost over three days in ATM scam spread on TikTok

It took less than three days for US$17 million ($28m) to disappear from ATMs across New York in a scam that went viral on TikTok and that city officials say...

TikTok Scam Sparks $17M ATM Heist, Exposes Prepaid Card Flaws

The recent ATM heist in New York, orchestrated through a viral TikTok scam, has sent shockwaves through the financial sector, exposing critical vulnerabilities in prepaid card systems and highlighting the power of social media in facilitating financial crime. This incident, which saw over $17 million withdrawn in just three days, underscores the urgent need for robust security measures and… Source

Unraveling the $17 Million TikTok ATM Scam: How Criminals Exploited Social Media | Fintech InShorts: Latest fintech news, analysis by experts

Exploring the tactics behind the shocking financial fraud that’s capturing the attention of investigators. Highlights: The TikTok ATM scam led to a staggering loss of $17 million. Criminals used social media platforms to orchestrate complex fraud schemes. Increased awareness and cybersecurity measures are crucial to combatting such scams. The recent TikTok ATM scam has highlighted a worrying trend of crime facilitated by social media, leading t…

TikTok Scam Drains $17 Million From New York ATMs

A viral cash-out scam linked to TikTok has drained $17 million from New York ATMs in under three days, exploiting city-issued youth jobs program cards, according to The New York Times. [contact-form-7] New York’s Department of Youth and Community Development, which oversees the city’s Summer Youth Employment Program (SYEP), reported that payment cards for approximately 30,000 unbanked participants ages 14 to 24 were compromised. Intende…