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JPMorgan begins suing customers who allegedly stole thousands of dollars in
‘infinite money glitch’
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JPMORGAN BEGINS SUING CUSTOMERS WHO ALLEGEDLY STOLE THOUSANDS OF DOLLARS IN
‘INFINITE MONEY GLITCH’

Published Mon, Oct 28 20241:32 PM EDTUpdated Mon, Oct 28 20242:56 PM EDT
Hugh Son@hugh_son
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Key Points
 * JPMorgan Chase has begun suing customers who allegedly stole thousands of
   dollars from ATMs by taking advantage of a technical glitch that allowed them
   to withdraw funds before a check bounced.
 * The bank on Monday filed lawsuits in at least three federal courts, taking
   aim at some of the people who drew down the highest amounts in the so-called
   infinite money glitch that went viral on TikTok.
 * A Houston case involves a man who owes JPMorgan $290,939.47 after an
   unidentified accomplice deposited a counterfeit $335,000 check at an ATM,
   according to the bank.

In this article

 * JPM+0.19 (+0.08%)

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JPMorgan suing customers over money glitch viral scam
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JPMorgan Chase has begun suing customers who allegedly stole thousands of
dollars from ATMs by taking advantage of a technical glitch that allowed them to
withdraw funds before a check bounced.

The bank on Monday filed lawsuits in at least three federal courts, taking aim
at some of the people who withdrew the highest amounts in the so-called infinite
money glitch that went viral on TikTok and other social media platforms in late
August.



A Houston case involves a man who owes JPMorgan $290,939.47 after an
unidentified accomplice deposited a counterfeit $335,000 check at an ATM,
according to the bank.

“On August 29, 2024, a masked man deposited a check in Defendant’s Chase bank
account in the amount of $335,000,” the bank said in the Texas filing. “After
the check was deposited, Defendant began withdrawing the vast majority of the
ill-gotten funds.”

JPMorgan, the biggest U.S. bank by assets, is investigating thousands of
possible cases related to the “infinite money glitch,” though it hasn’t
disclosed the scope of associated losses. Despite the waning use of paper checks
as digital forms of payment gain popularity, they’re still a major avenue for
fraud, resulting in $26.6 billion in losses globally last year, according to
Nasdaq’s Global Financial Crime Report.

The infinite money glitch episode highlights the risk that social media can
amplify vulnerabilities discovered at a financial institution. Videos began
circulating in late August showing people celebrating the withdrawal of wads of
cash from Chase ATMs shortly after bad checks were deposited.

Normally, banks only make available a fraction of the value of a check until it
clears, which takes several days. JPMorgan says it closed the loophole a few
days after it was discovered.




MIAMI AND CALIFORNIA

The other lawsuits filed Monday are in courts including Miami and the Central
District of California, and involve cases where JPMorgan says customers owe the
bank sums ranging from about $80,000 to $141,000.

Most cases being examined by the bank are for far smaller amounts, according to
people with knowledge of the situation who declined to be identified speaking
about the internal investigation.

In each case, JPMorgan says its security team reached out to the alleged
fraudster, but it hasn’t been repaid for the phony checks, in violation of the
deposit agreement that customers sign when creating an account with the bank.

JPMorgan is seeking the return of the stolen funds with interest and overdraft
fees, as well as lawyers’ fees and, in some cases, punitive damages, according
to the complaints.


CRIMINAL CASES?

The lawsuits are likely to be just the start of a wave of litigation meant to
force customers to repay their debts and signal broadly that the bank won’t
tolerate fraud, according to the people familiar. JPMorgan prioritized cases
with large dollar amounts and indications of possible ties to criminal groups,
they said.

The civil cases are separate from potential criminal investigations; JPMorgan
says it has also referred cases to law enforcement officials across the country.

“Fraud is a crime that impacts everyone and undermines trust in the banking
system,” JPMorgan spokesman Drew Pusateri said in a statement to CNBC. “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.”


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