An “infinite money glitch” TikTok trend caused thousands of dollars to be stolen from JP Morgan ATMs.
The trend, which first appeared in August, took advantage of a system error which allowed customers to write themselves a check then immediately withdraw funds. The withdrawn money could be hundreds of thousands of dollars higher than the amount available in the client’s account.
In official count documents, JP Morgan claims customers used counterfeit checks to access the funds and has filed lawsuits in at least three federal courts so far. The bank is seeking the return of the stolen funds with interest and overdraft fees, as well as lawyers’ fees. The lawsuits, which target the largest sums, so far total more than $660,000, according to JP Morgan Chase.
“On August 29, 2024, a masked man deposited a check in Defendant’s Chase bank account in the amount of $335,000,” the bank claimed in its filing in Houston, Texas. “After the check was deposited, Defendant began withdrawing the vast majority of the ill-gotten funds.”
JPMorgan says it closed the loophole a few days after it was discovered. “Chase takes its responsibility to combat fraud seriously and prioritises protecting the firm and its customers to make the banking system safer,” the bank said in court. “Part of that responsibility is to hold people accountable when they commit fraud against Chase and its customers. Simply put, engaging in bank fraud is a crime.”
Usually when a customer submits a check, a bank only allows access to a fraction of the value of the check until it clears, which can takes several days.
A JPMorgan spokesman said. “We’re pursuing these cases and actively cooperating with law enforcement to make sure if someone is committing fraud against Chase and its customers, they’re held accountable.”
By CEO NA Editorial Staff
