JPMorgan Chase & Co (NYSE:JPM, ETR:CMC) has filed lawsuits against customers accused of exploiting a glitch to withdraw large sums illegally from cash machines.
Known as the “infinite money glitch” and widely discussed on TikTok, the issue enabled customers to deposit substantial counterfeit cheques into their accounts and withdraw funds before the cheques were returned unpaid.
The bank is pursuing two individuals and two businesses in courts in Houston, Miami, and Los Angeles to reclaim over $660,000.
The lawsuits seek the return of the withdrawn funds, plus interest, overdraft fees, and legal costs.
In one case, a masked individual reportedly deposited a $335,000 cheque.
JP Morgan Chase stated it prioritises fraud prevention and holding those who commit fraud accountable.
The glitch was resolved soon after it gained social media attention, with the bank now investigating other instances of cheque fraud.