JPMorgan Chase has started suing customers who allegedly stole thousands of dollars from ATMs during the so-called "infinite money glitch" advertised on TikTok. In August, videos on TikTok and other social media sites highlighted a technical glitch that allowed customers to withdraw the value of a bad check deposited via mobile device before it bounced. JPMorgan hasn't disclosed how much money was lost as a result, but it is investigating thousands of possible cases, CNBC reports. On Monday, the bank filed at least four lawsuits against individuals and businesses that allegedly withdrew a combined $660,000, per Fox Business.
In a lawsuit filed in the District Court for the Southern District of Texas, the bank alleges a man stole more than $290,000 after a masked accomplice used an ATM to deposit a counterfeit $335,000 check into his account. In lawsuits filed in the Southern District of Florida, the bank alleges two separate businesses stole around $140,000 each. And in the Central District of California, a defendant is accused of depositing two bad checks worth $50,000 each, then withdrawing more than $90,000. Bank customers can typically withdraw only a fraction of the value of a check before it clears. JPMorgan fixed the issue within days, then reached out to customers demanding the money be repaid.
Not all of it was. In filing the lawsuits, JPMorgan seeks the stolen funds with interest and overdraft fees, lawyers' fees, and, in some cases, punitive damages as well. "Fraud is a crime that impacts everyone and undermines trust in the banking system," says JPMorgan rep Drew Pusateri. "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." The bank is said to be prioritizing cases involving large sums of money and/or possible ties to criminal groups. (More JPMorgan Chase stories.)
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