Kristen RidleyJPMorgan Chase has filed multiple federal lawsuits against customers who allegedly exploited a viral ATM scheme that was promoted on social media as an “infinite money glitch” during the summer of 2024.
The bank filed four lawsuits on Monday in federal courts against customers who allegedly stole tens of thousands of dollars through a fraudulent check-depositing scheme. In one case filed in the Southern District of Texas, a masked individual deposited a $335,000 check and withdrew the majority of funds before the check was identified as counterfeit, leaving them owing the bank $290,939.47.
Two additional cases were filed in the Southern District of Florida against businesses, with each owing approximately $140,000. A separate case in the Central District of California involves a defendant who allegedly owes $90,794.02 after depositing and withdrawing funds from two checks exceeding $50,000 each.
“Fraud is a crime that impacts everyone and undermines trust in the banking system,” said Chase spokesperson Drew Pusateri.
The scheme gained widespread attention on TikTok and other social media platforms in late August, with videos instructing Chase account holders to write large checks to themselves, deposit them via mobile device, and quickly withdraw the funds before the checks could clear. The viral trend reached millions of viewers, with some participants posting videos celebrating their supposed windfall.
Chase is seeking the return of stolen funds plus interest, overdraft fees, legal costs, and in some cases, punitive damages. The bank has also been cooperating with law enforcement and providing surveillance footage of individuals involved in the fraudulent activities.
Citations:
[1] https://www.youtube.com/watch?v=ThP2tE12nas
[2] https://www.foxbusiness.com/lifestyle/jpmorgan-chase-starts-suing-customers-allegedly-stole-funds-atm-glitch-scam-went-viral
[3] https://www.investopedia.com/jpmorgan-sues-customers-for-infinite-money-glitch-8735589
[4] https://gizmodo.com/idiots-who-tried-tiktoks-viral-free-money-glitch-at-atms-are-getting-reported-for-fraud-2000495838
[5] https://www.youtube.com/watch?v=SGAPHVrUISk
[6] https://www.blackenterprise.com/jpmorgan-chase-customers-viral-infinite-money-glitch/
[7] https://www.cnbc.com/2024/10/28/jpmorgan-suing-customers-over-infinite-money-glitch.html
[8] https://www.usatoday.com/story/money/2024/10/30/jpmorgan-chase-bank-atm-scam-lawsuit/75939936007/
[9] https://www.npr.org/2024/10/29/nx-s1-5170331/jpmorgan-chase-infinite-money-glitch-atm-scam
[10] https://finance.yahoo.com/news/jpmorgan-suing-customers-cashed-bank-104533008.html
[11] https://www.newsnationnow.com/business/your-money/jp-morgan-sues-customers-accused-of-stealing-in-viral-atm-glitch/
Kristen Ridley