TikTok’s ‘Infinite Cash Glitch’ Reportedly Comes Again to Chunk Fraudsters

Many individuals used an ATM glitch that went viral on TikTok earlier this 12 months to steal tons of of hundreds of {dollars} from JPMorgan Chase. In accordance with a new report from CNBC, the financial institution is now suing a number of of these account holders.

The outlet stated that the financial institution has filed lawsuits in federal courts in Texas, Florida, and California accusing defendants of fraudulently withdrawing between $80,000 and $290,000 from its teller machines. Gizmodo couldn’t independently affirm the lawsuits had been filed.

In September, a series of videos started to unfold on TikTok and different platforms through which folks claimed they have been capable of withdraw massive sums of cash from JPMorgan Chase by depositing checks for cash they didn’t even have after which withdrawing a portion of these sums earlier than the financial institution absolutely processed the checks.

In some movies, the creators walked out of JPMorgan Chase financial institution branches and inspired different folks to attempt the “infinite cash glitch.”

On the time, a JPMorgan Chase spokesperson informed the Wall Street Journal that depositing fraudulent checks wasn’t a unusual life hack however slightly fraud that may be reported to legislation enforcement. The Journal reported that hundreds of individuals had taken benefit of the trick.

It seems that some folks didn’t get the message quickly sufficient, nonetheless, or thought a cartoonish disguise could be sufficient to guard them. CNBC reported that one among JP Morgan Chase’s lawsuits, filed in Texas, alleges that on August 24 a masked man deposited a counterfeit verify written for $335,000 within the defendant’s checking account, after which the defendant started making withdrawals that got here to greater than $290,000.

“Fraud is a criminal offense that impacts everybody and undermines belief within the banking system,” JP Morgan Chase spokesman Drew Pusateri informed CNBC. “We’re pursuing these circumstances and actively cooperating with legislation enforcement to ensure if somebody is committing fraud towards Chase and its prospects, they’re held accountable.”

Quickly after the scheme went viral, JPMorgan Chase modified its ATM practices in order that customers couldn’t withdraw cash from newly deposited checks earlier than they cleared.