NYC-issued debit cards for a summer youth program were exploited by scammers, leading to $17 million in illegal withdrawals over three days. From July 11 to July 13, ATMs were excessively drained due to a system error that allowed withdrawals of up to $40,000 each. Videos on social media showed individuals discussing the scam. City officials confirmed no tax dollars were lost, but the investigation is ongoing regarding the scam's origins and participants. The Department of Youth and Community Development is working on securing future payments.
The scam led to ATMs across New York City being depleted of $17 million over just three days, with fraudulent activities mainly targeting the Summer Youth Employment Program participants.
Teenagers and adults promoted the scheme on social media, sharing videos boasting about profiting from the mishandled payment cards, which were supposed to access limited weekly earnings.
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