JPMorgan is investigating thousands of cases related to the glitch, which highlights the risk that social media can amplify vulnerabilities found at a bank.
JPMorgan Chase has begun suing customers who allegedly stole thousands of dollars from ATMs by taking advantage of a technical glitch that allowed them to withdraw funds before a check bounced.
A Houston case involves a man who owes JPMorgan $290,939.47 after an unidentified accomplice deposited a counterfeit $335,000 check at an ATM, according to the bank. Normally, banks only make available a fraction of the value of a check until it clears, which takes several days. JPMorgan says it closed the loophole a few days after it was discovered.Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly
In each case, JPMorgan says its security team reached out to the alleged fraudster, but it hasn't been repaid for the phony checks, in violation of the deposit agreement that customers sign when creating an account with the bank.
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