close
close

Pasteleria-edelweiss

Real-time news, timeless knowledge

TikTok users have been hit with hundreds of thousands of dollars due to a viral ‘infinite money glitch’. Now JPMorgan is suing them for fraud
bigrus

TikTok users have been hit with hundreds of thousands of dollars due to a viral ‘infinite money glitch’. Now JPMorgan is suing them for fraud

JPMorgan takes legal action against customers who allegedly stole hundreds of thousands of dollars during a technical malfunction in the bank’s ATM systems.

The so-called “infinite money glitch” allowed customers to deposit fake checks and withdraw the money before the check bounced.

On Monday, bank At least four separate federal lawsuits have been filed, including one alleging the withdrawal of more than $290,000 by an individual. Chase the customer.

Customers have taken notice of the “free money” hack that has been trending on social media apps like TikTok over the summer. However, those trying to cash in on hiccups were warned at the time that they were trying to commit a commonplace scam.

While celebrating social media users’ apparent manipulation of the system, Chase Bank said: Luck In September: “We are aware of this incident and it has been addressed. “No matter what you see online, depositing a fake check and withdrawing money from your account is fraud, plain and simple.”

Chase isn’t the only bank dealing with such issues. Bank of Ireland in August 2023 Customers were able to withdraw large amounts from ATMs; mistakenly believing they are getting free money.

Some were able to withdraw more money than usual, while others were able to transfer up to 1,000 euros ($1,090) to other accounts, even if they had more than they had on hand, and then withdraw the money as cash.

Four lawsuits in Chase’s case were filed in Los Angeles, Houston and Miami. Reuters Two of the reports relate to individual accounts and two relate to individual accounts.

The total in the four cases (all of which were forged or withdrawn after the deposit of counterfeit checks) rose to more than $661,000, but a significant portion of that came from a single case.

per application CNBC seesA customer allegedly withdrew $290,939.47 in Houston after an unidentified accomplice deposited a fraudulent check for $335,000.

The accomplice in the case was wearing a mask when the check was deposited.

According to complaints seen by CNBC, America’s largest bank reached out to the defendants in each case and demanded the return of the fraudulently obtained cash.

The handful of cases reported so far involve people who have yet to return funds.

According to CNBC, the bank is trying to recover the stolen money as well as interest and overdraft fees on the accounts. Legal fees and, in some cases, punitive damages are also sought.

JPMorgan Chase did not respond immediately Luck‘s request for comment.