Earlier this year, a widespread ATM glitch that gained attention on TikTok resulted in the theft of hundreds of thousands of dollars from JPMorgan Chase. A report by CNBC reveals the bank is litigating against several account holders involved in the incident.
The report states that JPMorgan Chase has filed lawsuits in federal courts across Texas, Florida, and California, accusing defendants of unlawfully withdrawing sums ranging from $80,000 to $290,000 from ATM machines. However, Gizmodo has not independently confirmed these filings.
In September, videos surfaced on TikTok and other platforms showcasing individuals allegedly withdrawing substantial amounts from JPMorgan Chase without possessing the actual funds. They purportedly deposited checks without actual backing and withdrew portions of the funds before the checks completed processing.
Creators of some videos were seen exiting JPMorgan Chase branches, urging others to exploit what was termed an “infinite money glitch.” A spokesperson from JPMorgan Chase informed the Wall Street Journal that depositing such fraudulent checks constitutes fraud and would be reported to authorities. The Wall Street Journal indicated that thousands had exploited the manipulation.
Despite warnings, some individuals persisted, believing disguises would shield them. According to CNBC, one lawsuit in Texas alleges that on August 24, a masked individual deposited a fake check for $335,000 into the defendant’s account, subsequently withdrawing over $290,000.
Drew Pusateri, a spokesman for JPMorgan Chase, emphasized that fraud detrimentally affects all and erodes trust in the banking system. He stated, “We’re pursuing these cases and actively cooperating with law enforcement to ensure those committing fraud against Chase and its customers are held accountable.”
In response to the viral scheme, JPMorgan Chase modified its ATM protocols, preventing users from withdrawing funds from newly deposited checks until they are fully cleared.