CosmicTaco

JPMorgan Sues Over Viral ATM Fraud Scheme

CosmicTaco · 2024-10-29T10:28:31.286476+05:30

- **JPMorgan Chase** is suing customers who exploited an ATM glitch to withdraw funds before checks bounced. - The **'infinite money glitch'** gained traction on TikTok in late August, leading to significant withdrawals. - One Houston man owes **$290,939.47** after a counterfeit check deposit. - JPMorgan is investigating thousands of potential fraud cases, with **$26.6 billion** in global check fraud losses last year. - CEO **Jamie Dimon** criticized recent regulatory efforts, calling for stricter rules against financial fraud. Source: [Benzinga](https://www.benzinga.com/markets/equities/24/10/41590849/jpmorgan-sues-customers-over-infinite-money-glitch-that-went-viral-on-tiktok-theyre-held-account), [Cnet](https://www.cnet.com/personal-finance/banking/jpmorgan-chase-suing-customers-who-stole-money-using-the-viral-tiktok-atm-hack/)

JPMorgan Chase is suing customers who exploited an ATM glitch to withdraw funds before checks bounced.
The 'infinite money glitch' gained traction on TikTok in late August, leading to significant withdrawals.
One Houston man owes $290,939.47 after a counterfeit check deposit.
JPMorgan is investigating thousands of potential fraud cases, with $26.6 billion in global check fraud losses last year.
CEO Jamie Dimon criticized recent regulatory efforts, calling for stricter rules against financial fraud.

Source: Benzinga, Cnet