US largest bank, JPMorgan Chase, has sued many of its customers for fraud, accusing them of stealing thousands of dollars by using last year’s so-called “Infinite Money Glitch” that went viral on Tiktok.
The Jamie Dimon-led lender first filed a series of lawsuits in October against a client who exploited a technical failure in August.
The glitch allowed customers to deposit large checks and immediately withdraw funds, even if they bouncing back later.
The company is currently pursuing fraudsters that cost less than $75,000, and new complaints have been filed in courts across the country, according to the report.
According to a lawsuit filed Tuesday by CNBC in Gwinnett County, Georgia, “On August 29, 2024, a masked man deposited a check of $73,000.00 in the defendant’s Chase Bank account.
The Financial News Network said the check bounced six days later, but not before the accused withdraws $82,500 in a series of cash withdrawals at the two Chase branches.
According to CNBC, the accused still owes $57,847.69 to $57,847.69 and failed to comply with requests to return the funds.
Similar lawsuits have been filed in state courts in Miami, the Bronx, New York and two Texas County, according to CNBC.
“We are still investigating fraud cases and working with law enforcement. We will do that as long as it takes to hold the fraudsters liable,” a Chase spokesman said.
He also wrote letters to 1,000 people, asking for the money to be repaid after October.
While many banks allow customers to access some of the value of a check before clearing, check fraud is a federal crime.
Paper checks are rarely used in European countries today, and the Netherlands and Denmark have abolished them altogether.
However, despite the increasing use of digital technologies such as ApplePay, it remains a popular form of payment in the US.
