Summary:
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Lawsuits Filed
JPMorgan Chase is suing customers who exploited an ATM glitch, allowing withdrawals before checks bounced, with cases filed in at least three federal courts. -
Viral Glitch Incident
The “infinite money glitch” went viral on TikTok in late August, showcasing individuals withdrawing large sums from Chase ATMs after depositing bad checks. -
Investigating Cases
The bank is investigating thousands of instances related to this glitch but has not disclosed the total losses incurred. -
Response to Fraud
JPMorgan aims to signal that it will not tolerate fraud by prioritizing cases involving significant amounts and potential ties to criminal activity. -
Collaboration with Authorities
The bank has referred several cases to law enforcement and emphasized the importance of maintaining trust in the banking system while pursuing accountability for fraudulent actions.