Social media users who thought they’d bested the banking system are in for a rude awakening. After Chase Bank’s “infinite money glitch” went viral on TikTok earlier this year, JPMorgan has responded by filing lawsuits against those involved, CNBC reported.
According to the outlet, the bank is investigating thousands of cases related to the so-called glitch. One of those is a Florida man who allegedly owes the bank upwards of $290,000. Additionally, customers in Miami and California owe JPMorgan between $80,000 and $141,000, the bank claimed, per the outlet.
Videos by VICE
Amid its lawsuits, the bank is seeking the return of the stolen funds with interest and overdraft fees, lawyers fees, and punitive damages, the outlet reported. In addition to the civil cases the bank has filed, JPMorgan told the outlet that it is turning over information to law enforcement agencies for potential criminal charges.
Everything to Know About the ‘Infinite Money Glitch’
The situation started when people realized that, if they deposited a bad check, Chase ATMs would let them get much of the amount out in cash before the check bounced.
To say people took advantage of the now-closed loophole is an understatement. Social media users proudly showed off their success with the trend, to the tune of tens of thousands of dollars.
Now, those same people are realizing that the so-called glitch may actually just be check fraud. They’re showing off videos of their severely negative accounts and talking about hiring lawyers.
“Fraud is a crime that impacts everyone and undermines trust in the banking system,” JPMorgan spokesman Drew Pusateri told the outlet in a statement. “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.”
While many may think that Zelle and Venmo are replacing paper checks completely, check fraud has been on the rise in recent years.
The outlet reported that check fraud was responsible for $26.6 billion in losses globally last year, citing Nasdaq’s Global Financial Crime Report.
Additionally, Reuters reported that Financial Crimes Enforcement Network data found that 680,000 cases of possible check fraud were reported in 2022, up from 350,000 from the previous year.
