(Yahoo! Tech) - JPMorgan Chase (JPM) has begun to file lawsuits against people that withdrew hundreds of thousands of dollars using a so-called “infinite money glitch” that went viral on social media last summer.
In August, posts began circulating that taught users how to exploit “the glitch” — or, essentially, how to commit check fraud. This involved depositing fake checks for large amounts, and taking out some of those available funds before the bank was able to clear the check.
JPMorgan has filed a handful of lawsuits, including one in the District Court for the Southern District of Texas. In this case, a Houston man deposited a $335,000 check on Aug. 29 and quickly began withdrawing the funds. The check was declined for being fake, and the bank found that the man owes Chase $290,939.47.
“Chase takes its responsibility to combat fraud seriously and prioritizes protecting the firm and its customers to make the banking system safer,” the bank said in the filings dated Monday. “Part of that responsibility is to hold people accountable when they commit fraud against Chase and its customers. Simply put, engaging in bank fraud is a crime.”
Other lawsuits were filed in Florida and California federal courts on similar charges.
The bank, the largest in the U.S. by assets, is calling on the perpetrators of the fraud to immediately return the funds and pay related overdraft fees and cover attorneys’ fees.
“Fraud is a crime that impacts everyone and undermines trust in the banking system,” a Chase spokesperson said. “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.”
JPMorgan said it addressed the issue days after it was shared in viral videos on TikTok and other social media sites.
By Rocio Fabbro
