JPMorgan Chase sues scammers following viral 'infinite money glitch'
ATMs paid customers thousands ... and now the bank wants its money back
JPMorgan Chase has begun suing fraudsters who allegedly stole thousands of dollars from the bank's ATMs after a check fraud glitch went viral on social media.
The so-called "infinite money glitch" exploded on X and TikTok over the summer, after customers abused a technical issue affecting ATMs nationwide that allowed them to deposit fake checks and then withdraw massive sums of money before the checks bounced.
A spokesperson for the largest bank in the US declined to answer The Register's specific questions, including how many of these fraudulent deposits it received, and the total amount of stolen cash it is seeking to recoup. He did, however, confirm the four lawsuits, filed in federal courts in Texas, Florida, and California.
"Fraud is a crime that impacts everyone and undermines trust in the banking system," Chase spokesperson Drew Pusateri told The Register. "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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One of the lawsuits involves a Houston man, Timipah Ikemi, who allegedly owes the bank $290,939.47 after an unidentified accomplice deposited a counterfeit check.
"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 as reported by CNBC. "After the check was deposited, Defendant began withdrawing the vast majority of the ill-gotten funds."
A second lawsuit was filed against Micah Reed in the Central District of California, according to Pusateri. And two others were filed in the Southern District of Florida. One names In and Out Appliances LLC and the other Riskboss Musiq LLC as the alleged fraudsters.
These three allegedly involve amounts between $80,000 and $141,000 owed to the bank, according to CNBC. ®