JPMorgan Chase is suing customers for allegedly taking advantage of a ‘glitch’ that went viral on TikTok

Promoted by JPMorgan Chase legal proceedings against several individuals, according to the company, who temporarily cashed the checks” glitch ” earlier this year.

As you may recall, there was a lot of uproar in late August and early September after it was noted that high dollar checks could be deposited at an ATM, and the money from such checks, regardless of whether they were legitimate, became available to withdrawal It caused a viral treatment on social networks, especially TikTok and Chase officials warned at the time that deliberately using this so-called “glitch” to gain access to non-existent funds was “fraud, plain and simple.”

this week according to the report from CNBC, several lawsuits have been filed in federal courts in several states, including one in Texas, centered on a man who allegedly owed nearly $300,000 for a fake check deposit. Sources cited in this report said that while the company is looking into potentially thousands of alleged fraud cases of this type, the focus in this first wave of lawsuits is on higher-priced deposits.

Filmed material which circulated at the height of the Chase coverage, claimed to show people lining up to take part in the rash scheme, which is not the first of its kind in the modern era. When reached for comment Tuesday, a Chase representative confirmed that the company is settling the newly filed lawsuits and is cooperating with law enforcement.

“Fraud is a crime that affects everyone and undermines confidence in the banking system,” the spokesperson said in an email. “We are investigating these cases and actively working with law enforcement to make sure that if anyone commits fraud against Chase and its customers, they are held accountable.”

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