Thousands of suspected scammers who wrote flawed checks a few weeks ago are being caught by JPMorganChase. Despite the fact that it is a criminal offence, they took money out on forged checks, encouraged by dumb videos on X and TikTok that called it a “glitch.”
“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,”
Drew Pusateri, a spokesperson at JPMorgan, stated
How it went Viral – TikTok JPMorgan Chase Gltich
After criminals discovered how to take advantage of a technological flaw to deposit fake checks and immediately extract money before the checks bounced, the scenario went viral on social media sites X* and TikTok throughout the summer.
Videos of people withdrawing significant amounts of money from Chase ATMs shortly after depositing forged checks have been making the rounds online since late August.
The bank is suing for a total of $661,000 in the first four lawsuits, with the greatest individual claim being close to $300,000.
In one of the incidents, a guy owing JPMorgan around $291,000 after a fraudulent cheque for $335,000 was deposited into his account by an accomplice, which led to a series of illegal withdrawals by the client. In and Out Appliances LLC and Riskboss Musiq LLC are involved in the other instances. According to CNBC, the losses in those situations vary from $80,000 to $141,000.
Social media has undoubtedly played a role in fraud before, as seen by TikTok and X’s indirect involvement in the crimes by offering a means via which information about the Infinite Money Glitch vulnerability was spread. However, its users rather than the criminals are typically the ones who suffer the consequences.
Before a cheque is fully processed, which might take several days, banks usually only allow access to a portion of the total amount. According to JPMorgan, the vulnerability was fixed within a few days of its discovery.
A bank representative confirmed that four cases had been filed in federal courts in Texas, Florida, and California, but he would not provide any numbers regarding the quantity of such transactions or the precise amount of harm. To bring the offenders to justice and win back the trust of its customers, the bank is aggressively working with law enforcement.
JPMorgan is suing to recover the money along with interest, overdraft penalties, legal fees, and, in certain situations, severe penalties. The civil charges may be the first in a series of legal actions intended to compel clients to make payments and show the bank’s moral position against fraud.
Cases involving large amounts of money and suspected connections to organised crime groups have been given priority.
