Imagine waking up one day to find out that a “glitch” your friend reposted on TikTok could land you in serious legal trouble? That's exactly what happened to untold thousands of social media users who thought they found an easy way to get cash.

As a millennial who has seen plenty of people blindly following incredibly stupid advice on social media, I wasn’t surprised to see financial influencers presenting bank fraud as a “glitch” to be capitalized on.

I was, however, surprised to hear that Chase has already started to prosecute the people who engaged in this trend.

On one hand, I truly feel bad for anyone who fell for this advice. It was being spread by people who were completely willing to hurt others by pedaling misinformation for clicks, but at the end of the day, it’s up to each of us to vet anyone we choose to take advice from. The old adage, buyer beware, applies just as much today as it ever has—and it applies to free information just as much as anything you pay money for.

But we live in a Tide Pod era, so we can expect to see a lot more people being driven by stupid trends on social media.

As a result of this trend, Chase has started taking legal action against customers taking advantage of this supposed “glitch.”

I’ll delve into this ridiculous case, as well as the dangers of following advice on social media, and my thoughts on responsible financial habits. And if you’re not in the loop on the backstory on the Chase Banking “Glitch,” I first covered it here.

The "glitch" refers to a technical error in ATM systems that users attempted to exploit. Essentially, an error in the code allowed someone to deposit blank checks into their accounts but the system would still credit the account immediately, and they would then withdraw that cash. The fraud wouldn’t be uncovered until the following day when the deposits were removed by bank employees. This isn't just a social media prank though, it’s a felony. Yet, many felt tempted by the prospect of easy cash, hoping to get something for nothing—all for an internet trend.

The repercussions for those involved are severe. Legal actions have been taken not just to reclaim funds but also to impose penalties. These defendants face a harsh reality: not only do they owe money, but they may owe additional penalties and face criminal charges as well.

By filing lawsuits across multiple cities, including Los Angeles, Miami, and Houston, Chase wants to send a strong message, and these lawsuits aim to recover a staggering $661,000 in improperly withdrawn funds. They are not just going after the rogue customers though; they want everyone to understand that financial theft comes with serious consequences.

This highlights the importance of financial literacy. Anyone who had a basic understanding of how money works immediately knew this was fraud. The people who lacked that financial literacy knowledge, on the other hand, fell for it. As a result, they now have additional debt, financial penalties, criminal charges, and on top of all that, this hurts their chances of getting a good job.

The impact of financial literacy is massive, and that’s why I’m so passionate about teaching as many people as I can.

When people become more financially literate, they see through financial misinformation pretty quickly. But regardless, it’s always important to vet anyone you’ve considering taking advice from. You can’t assume just because someone has amassed a large following,that they are competent or that their advice is good for you.

So you’ll start with financial literacy and then from there, when you come across a topic you’re unfamiliar with, instead of simply taking it at face value, you’ll spend some time researching the person or organization who shared the information in the first place. What you’re looking for here is a general consensus of their advice in general, but you’ll also need to dig deeper to make sure that specific piece of advice is ideal for you.

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Amanda Webster is the COO of Fund&Grow, which helps entrepreneurs get the business credit they need to run and scale their companies. She is recognized as one of the leading experts in the industry, and is regularly asked to speak on the topic on stage and in the media.