JPMorgan begins suing customers who allegedly stole thousands of dollars in 'infinite money glitch'

Core Points - JPMorgan Chase has initiated lawsuits against customers who exploited a technical glitch to withdraw funds from ATMs before checks bounced [1][2] - The bank is investigating thousands of potential cases related to the "infinite money glitch," which has resulted in significant financial losses, although the exact amount has not been disclosed [2][3] - The incident underscores the risks associated with social media amplifying vulnerabilities in financial institutions, as videos of the exploit circulated widely [3] Company Summary - JPMorgan Chase filed lawsuits in at least three federal courts targeting individuals who withdrew large sums during the glitch [1] - A specific case involves a man who owes the bank $290,939.47 after a counterfeit check of$335,000 was deposited [2] - The bank has closed the loophole that allowed the exploit shortly after it was discovered [3] Industry Summary - The incident highlights ongoing vulnerabilities in the banking sector, particularly related to check fraud, which resulted in $26.6 billion in losses globally last year [2] - The shift from paper checks to digital payments has not eliminated the risks associated with check fraud, indicating a persistent issue within the industry [2]