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Scammers exploited a glitch in New York City’s Summer Youth Employment Program, using prepaid cards meant to pay youth for work to run a massive ATM scam. The cards had a $200 transaction limit but no limits on transactions. Over three days, scammers withdrew about $17 million, sometimes taking out tens of thousands of dollars at once. The scheme spread on social media as people bragged about their hauls on TikTok and Instagram. The NYPD and the Department of Youth and Community Development launched investigations. Officials said no taxpayer funds were lost but didn’t clarify who was absorbing the losses.
The post Brickbat: Money for Nothing appeared first on Reason.com.
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