the staff of the Ridgewood blog
Ridgewood NJ, this summer, a bizarre “infinite money glitch” at JPMorgan Chase ATMs allowed people to withdraw thousands of dollars in cash without having the actual funds. Now, JPMorgan is fighting back, filing lawsuits in three federal courts across Texas, Florida, and California to recover significant financial losses tied to the scheme.
The ‘Infinite Money Glitch’ Explained
In August, videos surfaced on TikTok showing how people could exploit the ATM “glitch.” The scheme generally involved depositing fake paper checks: one person would deposit the check while another quickly withdrew the cash before the check could bounce. In one notable case, a Houston resident allegedly made off with $290,000 after an accomplice deposited a $335,000 fake check. Other cases reported in the suits involve losses of $80,000 to $141,000.
A Growing Issue in Check Fraud
While paper checks now account for only 5% of all financial transactions, they remain a surprisingly common avenue for fraud. In 2022 alone, check-related fraud led to $26.6 billion in financial losses. Despite the fact that the “infinite money glitch” has been fixed, the repercussions of this summer’s incidents have had a ripple effect, pushing JPMorgan to take legal action to recoup their losses.
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