1730377175-0/BeFunky-collage-(5)1730377175-0.jpg "courtesy afp")
JPMorgan Chase & Co. is filing lawsuits against TikTok users who exploited an ATM glitch, popularly called the "infinite money glitch," allowing users to fraudulently withdraw large sums before checks cleared.
According to CNBC, four lawsuits were filed on October 28, involving two individuals and two businesses accused of collectively withdrawing over $661,000 through this method in cities like Houston, Los Angeles, and Miami.
The trend gained traction in August 2024, with users on TikTok encouraging others to deposit counterfeit checks and withdraw funds at ATMs.
TikTok videos showed users celebrating their apparent windfalls, throwing money in the air and laughing at the stunt. JPMorgan Chase soon discovered the scheme, blocking involved accounts and issuing overdraft fees.
"Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple,” the bank clarified in a statement to Fortune.
The bank also noted that “fraud is a crime that impacts everyone and undermines trust in the banking system,” further stating they are actively cooperating with law enforcement to hold participants accountable.
One case filed by the bank in Houston detailed that a masked individual deposited a $335,000 check and swiftly withdrew $290,939.47 before the fraud was detected.
“On August 29, 2024, a masked man deposited a check in Defendant’s Chase bank account in the amount of $335,000.
After the check was deposited, Defendant began withdrawing the vast majority of the ill-gotten funds,” the lawsuit reported. Two months following the glitch, JPMorgan Chase initiated multiple lawsuits to recover the funds with interest and penalty fees.
Chase spokesperson Drew Pusateri stated that this case highlights how "fraud is a crime that impacts everyone.”
As the nation’s largest bank, JPMorgan Chase continues to advocate for trust and transparency in financial operations as they pursue these cases.
@todayshow JPMorgan Chase has started suing customers who allegedly stole thousands of dollars from ATMs after a technical glitch allowed them to improperly withdraw funds. #TODAYShow
♬ original sound - TODAY Show
1725612926-0/Tribune-Pic-(8)1725612926-0-405x300.webp "article")
1725612926-0/Tribune-Pic-(8)1725612926-0-270x192.webp "linkin park s new lead singer emily armstrong linked to scientology upbringing")
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ