JPMorgan Chase is suing some people who they say took advantage of a mistake in their ATM system to steal money. This issue became popular on social media, especially TikTok, when videos showed people withdrawing large sums of cash after depositing fake checks.
For example, in Houston, a man owes the bank nearly $290,000 after someone else put a fake check for $335,000 into an ATM. The bank says that after this check was deposited, the man quickly took out most of that money.
JPMorgan Chase, the largest bank in the U.S., is looking into many similar cases. They haven’t shared how much money they are losing overall, but fraud using checks is still a big problem, resulting in billions of dollars lost worldwide last year.
This situation shows how social media can spread information about weaknesses in banks that people might exploit. Normally, banks only allow customers to withdraw a small part of a check’s amount until it clears, which can take a few days. JPMorgan fixed this issue shortly after it was discovered.
The lawsuits are not just limited to Houston. They are also happening in Miami and California, where people owe the bank amounts between $80,000 and $141,000. Most of the cases they’re looking into involve smaller amounts.
In every case, JPMorgan says they contacted the people involved, but they haven’t received any money back from the fake checks, which breaks the agreement customers sign when they open an account. The bank is asking for the stolen money back, plus interest, fees, and in some cases, additional penalties.
These lawsuits might just be the beginning. JPMorgan wants to recover the money and show that they take fraud seriously. They are focusing on cases with large amounts and possible connections to criminal groups. The bank has also alerted law enforcement about these incidents.
A JPMorgan spokesperson emphasized that fraud harms everyone and erodes trust in banks. They are working with law enforcement to hold accountable anyone who commits fraud against the bank and its customers.
