JPMorgan Chase, one of the largest banks in the US, is taking legal action against customers who allegedly exploited a technical glitch at ATMs to steal large sums of money. This situation arose from what has been called the "infinite money glitch," which gained popularity on social media in August.
The glitch allowed users to deposit fake checks for substantial amounts and withdraw cash before the bank could discover the checks were fraudulent.
JPMorgan Files Lawsuits Against Customers
The bank quickly patched this loophole after learning about it and began investigating those who took advantage of the situation.
As of Monday, JPMorgan has filed lawsuits in several federal courts against individuals who withdrew significant amounts of money using this method. The bank is seeking the return of the stolen funds, along with interest, overdraft fees, and legal costs.
One lawsuit filed in Texas details an incident where a masked person deposited a counterfeit check for $335,000. According to UPI, the person whose account was used then withdrew nearly all of that money before the check was flagged as fake, resulting in a debt of nearly $291,000 owed to the bank.
In another case in California, an individual is accused of depositing two fake checks totaling over $116,000 and transferring the money out before the checks bounced.
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JPMorgan Fumes Over Fraud Cases
JPMorgan emphasizes that fraud is a serious crime that damages trust in the banking system. They are working closely with law enforcement to ensure that those responsible for these fraudulent activities are held accountable.
According to reports, check fraud results in about $26.6 billion in losses each year in the US, with a large percentage of these incidents occurring in the Americas, CBS News said.
The bank's spokesperson highlighted the importance of addressing these issues, stating that fraudulent actions affect everyone and undermine the integrity of financial institutions.
They are prioritizing cases with higher amounts and those that may have criminal connections, while also referring cases to law enforcement agencies for further investigation.
As investigations continue, JPMorgan is determined to recover the funds taken through these illegal activities and to protect the interests of its customers.
