JPMorgan Chase, the biggest US bank, has begun suing customers who withdrew thousands of dollars from ATMs by exploiting a technical glitch. The bank filed lawsuits in at least three federal courts against people who took advantage of the so-called infinite money glitch that went viral on social media in late August.
The bank is investigating thousands of possible cases related to this glitch, though it hasn’t disclosed the scale of associated losses. The glitch episode highlights the risk that social media can amplify vulnerabilities discovered at a financial institution. Videos showed people celebrating large cash withdrawals from Chase ATMs soon after bad checks were deposited.
Banks only make a fraction of a check’s value available until it clears, which takes several days.
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<p>The post Chase Bank Sues Customers for ATM Money Glitch Fraud first appeared on CoinBuzzFeed.</p>
