NEW YORK—In just three days, $17 million was drained from ATMs across the city in a rapidly spreading scam linked to a youth employment program, The New York Times reported, citing two law enforcement officials briefed on the case.
The scheme involved payment cards issued to thousands of young participants in the city-run jobs program, meant to hold only a week’s wages—typically a few hundred dollars. But a glitch or exploit turned the cards into what one official described as “unlimited cash cards,” allowing withdrawals of $10,000, $20,000, even $40,000 per ATM, The Times explained.
Roughly 30,000 cards were distributed to youth ages 14 to 24 who couldn't receive direct deposit. Between July 11 and July 13, the cards were exploited en masse, prompting investigations by both the overseeing city agency and the NYPD’s Financial Crimes Task Force.
Some participants reportedly sold their cards for as much as $1,000 each, according to officials speaking anonymously due to the ongoing investigation. Videos circulating on TikTok and Instagram show individuals flaunting stacks of cash and urging others to join in, The Times said.
“We’re making bread, we’re printing money right now,” one man said in a video posted on TikTok, according to The Times report. Referring to the jobs program, the Summer Youth Employment Program, he added: “If you work S.Y.E.P., hit me up.”