Smart Trade Insights
  • Business
  • Economy
  • Investing
  • Politics
Top Posts
Crypto Market Update: Bitcoin’s New High, Ethereum ETFs...
Top 5 Small-cap Pharma Stocks of 2025
Brien Lundin: Gold at New US$3,000 Floor, Silver...
Brunswick Exploration Consolidates Mirage Ownership
Westport Files Preliminary Short Form Base Shelf Prospectus...
Element79 Gold Corp Announces Corporate Update and Strategic...
OPINION — Goldenomics 103: Gold Protects and Performs
Editor’s Picks: Gold Tariff Threat Ends, Price Reacts...
Top 5 Canadian Mining Stocks This Week: Focus...
Bed Bath & Beyond relaunches with first store...
  • Business
  • Economy
  • Investing
  • Politics

Smart Trade Insights

Business

JPMorgan begins suing customers who allegedly stole thousands of dollars in ‘infinite money glitch’

by admin October 30, 2024
October 30, 2024
JPMorgan begins suing customers who allegedly stole thousands of dollars in ‘infinite money glitch’

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.

A customer uses an ATM outside of a Chase Bank branch in Rolling Hills Estates, Calif. on March 13, 2023. Patrick T. Fallon / AFP via Getty Images

“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.

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.

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 organized crime, 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.”

This post appeared first on NBC NEWS

previous post
Menzies’ Lady Shenton System Continues to Impress with RC Drilling Results to 80.4 g/t Au
next post
Immersive entertainment company Cosm lands rights to broadcast NFL games

You may also like

Musk says time commitment to DOGE will ‘drop...

April 24, 2025

DOJ sues software firm RealPage for allegedly helping...

August 25, 2024

Tesla investors want Elon Musk to answer questions...

January 31, 2025

ESPN plans to add user-generated content to upcoming...

February 21, 2025

The White Stripes sue Trump for using ‘Seven...

September 11, 2024

How Trump was ‘orange-pilled’ by three bitcoiners in...

August 28, 2024

Walmart-owned Sam’s Club tests a future without checkout...

October 9, 2024

Microsoft says goodbye to the Windows blue screen...

July 1, 2025

‘Moana 2’ tops $1 billion, extending Disney’s box...

January 23, 2025

Tesla, Bitcoin and Truth Social boom in election...

November 8, 2024

    Fill Out & Get More Relevant News


    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Crypto Market Update: Bitcoin’s New High, Ethereum ETFs Outpace Bitcoin 5-to-1

      August 16, 2025
    • Top 5 Small-cap Pharma Stocks of 2025

      August 16, 2025
    • Brien Lundin: Gold at New US$3,000 Floor, Silver Supply Crunch Coming

      August 16, 2025
    • Brunswick Exploration Consolidates Mirage Ownership

      August 16, 2025
    • Westport Files Preliminary Short Form Base Shelf Prospectus To Replace Expired Base Shelf Prospectus

      August 16, 2025
    Promotion Image

    banner ads

    Categories

    • Business (817)
    • Economy (829)
    • Investing (2,633)
    • Politics (737)
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: smarttradeinsights.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 smarttradeinsights.com | All Rights Reserved