Article Details

Scrape Timestamp (UTC): 2024-10-28 20:47:36.213

Source: https://www.theregister.com/2024/10/28/jpmorgan_chase_sues_scammers/

Original Article Text

Click to Toggle View

JPMorgan Chase sues scammers following viral 'infinite money glitch'. ATMs paid customers thousands ... and now the bank wants its money back. JPMorgan Chase has begun suing fraudsters who allegedly stole thousands of dollars from the bank's ATMs after a check fraud glitch went viral on social media. The so-called "infinite money glitch" exploded on X and TikTok over the summer, after customers abused a technical issue affecting ATMs nationwide that allowed them to deposit fake checks and then withdraw massive sums of money before the checks bounced. A spokesperson for the largest bank in the US declined to answer The Register's specific questions, including how many of these fraudulent deposits it received, and the total amount of stolen cash it is seeking to recoup. He did, however, confirm the four lawsuits, filed in federal courts in Texas, Florida, and California. "Fraud is a crime that impacts everyone and undermines trust in the banking system," Chase spokesperson Drew Pusateri told The Register. "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." One of the lawsuits involves a Houston man, Timipah Ikemi, who allegedly owes the bank $290,939.47 after an unidentified accomplice deposited a counterfeit check. "On August 29, 2024, a masked man deposited a check in Defendant's Chase bank account in the amount of $335,000," the bank said in the Texas filing as reported by CNBC. "After the check was deposited, Defendant began withdrawing the vast majority of the ill-gotten funds." A second lawsuit was filed against Micah Reed in the Central District of California, according to Pusateri. And two others were filed in the Southern District of Florida. One names In and Out Appliances LLC and the other Riskboss Musiq LLC as the alleged fraudsters. These three allegedly involve amounts between $80,000 and $141,000 owed to the bank, according to CNBC.

Daily Brief Summary

CYBERCRIME // JPMorgan Chase Sues Fraudsters Over ATM Check Scam

JPMorgan Chase is suing individuals and entities for exploiting a technical glitch in their ATM systems which allowed false check deposits and subsequent large cash withdrawals.

The scam, popularized on social media platforms like X and TikTok, involved depositing counterfeit checks and withdrawing funds before the checks were identified as fraudulent.

Legal actions have been initiated in federal courts across Texas, Florida, and California against several parties accused of stealing significant amounts from the bank.

One notable lawsuit in Texas involves a man who allegedly used a fake check to illicitly withdraw over $290,000.

Chase spokesperson emphasized that fraud undermines trust in the banking system and asserted the bank's commitment to working with law enforcement to hold fraudsters accountable.

The total amounts claimed in the lawsuits range between $80,000 to nearly $300,000 for the different defendants involved.