JP Morgan Chase Sues Customers Over ‘Infinite Money’ ATM Fraud

JPMorgan Chase began filing lawsuits against customers this summer who took advantage of the “infinite money glitch,” a technical problem with the bank’s ATMs that allowed people to deposit fake checks and withdraw money from their accounts.

The trend spread on social media, with TikTok users sharing how they could deposit fake checks and walk away with huge sums of cash.

The bank, which is the largest financial institution in the US, has so far filed four lawsuits — two against individuals and two against companies. They were in Los Angeles, Houston and Miami.

“Fraud is a crime that affects everyone and undermines trust in the banking system,” Chase spokesman Drew Pusateri said in a statement. “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.”

In the largest of four lawsuits filed so far in the Southern District of Texas, JPMorgan wrote that a “masked man” deposited a fraudulent $335,000 check into the defendant’s bank account at an ATM.

The man then allegedly withdrew most of the cash before the bank realized it was fake. The bank said it had to return $290,939.47.

“Chase is proud of its efforts to protect its customers from fraudsters, especially in an environment where banking and bank fraud are increasingly common,” the bank said in a statement.

“While fraud methods have evolved over time, the basic intent to exploit and deceive remains the same,” the report said.