JP Morgan Chase, a major American bank, is taking legal action against customers who allegedly exploited a technical error to withdraw large sums of money from its ATMs unlawfully. This incident has been referred to as the “infinite money glitch” on TikTok, where users discovered that they could write substantial checks to themselves, deposit them, and then withdraw funds before the checks cleared.
The lawsuits have been filed against two individuals and two businesses in courts located in Houston, Miami, and Los Angeles. The bank is seeking the return of the withdrawn amounts along with interest, any overdraft fees incurred, and other legal costs associated with these cases. In its court documents, JP Morgan Chase emphasized its commitment to fighting fraud and ensuring the security of both the institution and its clients. The bank stated that it is essential to hold accountable those who engage in fraudulent activities against it and its customers.
One specific case highlighted a transaction on August 29, where an unidentified individual deposited a fraudulent check for $335,000 into their Chase account. Following this deposit, the individual began withdrawing funds. Ultimately, the counterfeit check was rejected, leaving the account holder responsible for over $290,000 owed to the bank.
According to legal representatives for JP Morgan Chase, the total amount involved in these four lawsuits exceeds $660,000. Typically, U.S. banks permit customers to access only a limited percentage of a check’s value prior to clearance; however, this loophole allowed for significant withdrawals.
Reports from last month indicated that JP Morgan Chase closed this loophole shortly after numerous videos highlighting the glitch gained traction on social media. The bank is also investigating thousands of potential instances of check fraud linked to this situation.
In related news, it has been reported that fraudsters impersonating law enforcement or tax officials have swindled victims out of millions. Additionally, JP Morgan Chase announced the appointment of its first female chief financial officer in its 159-year history. While job scams are prevalent in various regions like India, the emergence of fraudulent banking branches still came as a shock to many observers.
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