JPMorgan Chase has initiated legal actions against individuals and businesses accused of exploiting a viral ATM glitch to commit check fraud, withdrawing funds before the checks could clear. The ATM error, popularized on TikTok as the “infinite money” glitch, involved depositing large checks and withdrawing cash quickly, leading to significant losses for the bank.
🇺🇸“INFINITE MONEY GLITCH” COSTS TIKTOKERS
A viral TikTok trend claimed Chase ATMs had a “glitch” offering free money by depositing fake checks and withdrawing cash before they cleared.
Chase is freezing accounts…
“This is fraud, plain and simple.”pic.twitter.com/DUqDR2qj6f
— Mario Nawfal (@MarioNawfal) September 1, 2024
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JPMorgan has filed four federal lawsuits in Houston, Miami, and Los Angeles, seeking to recover over $661,000 in improperly withdrawn funds. The bank is also cooperating with law enforcement for potential criminal charges, emphasizing that fraud undermines trust in the banking system.
The cases involve substantial amounts, with one Houston man allegedly owing JPMorgan nearly $291,000.
JPMorgan is demanding the return of the stolen funds, along with legal fees and damages, asserting its commitment to combating fraud and holding perpetrators accountable.
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