$17 million taken in TikTok ATM scam

Editorial

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According to the New York Times, a rash of huge withdrawals was made possible by a fault with cards used to pay young people as part of a youth jobs programme. The programme issued as many as 30,000 cards to 14-to 24-year-olds because they could not be paid via direct debit.

The cards were only supposed to enable users to access their weekly earnings. However, from 11 to 13 July, cardholders were able to withdraw huge sums; as much as $40,000 per ATM in $200 at a time, according to the Times.

The glitch went viral on TikTok and Instagram and some users sold their cards for $1000 each. As the news spread, $17 million was withdrawn across the city before the cards were deactivated.