JPMorgan Chase sues scammers following viral 'infinite money glitch'
(2024/10/28)
- Reference: 1730148312
- News link: https://www.theregister.co.uk/2024/10/28/jpmorgan_chase_sues_scammers/
- Source link:
JPMorgan Chase has begun suing fraudsters who allegedly stole thousands of dollars from the bank's ATMs after a check fraud glitch went viral on social media.
The so-called "infinite money glitch" [1]exploded on X and TikTok over the summer, after customers abused a technical issue affecting ATMs nationwide that allowed them to deposit fake checks and then withdraw massive sums of money before the checks bounced.
A spokesperson for the largest bank in the US declined to answer The Register 's specific questions, including how many of these fraudulent deposits it received, and the total amount of stolen cash it is seeking to recoup. He did, however, confirm the four lawsuits, filed in federal courts in Texas, Florida, and California.
[2]
"Fraud is a crime that impacts everyone and undermines trust in the banking system," Chase spokesperson Drew Pusateri told The Register . "We're pursuing these cases and actively cooperating with law enforcement to make sure if someone is committing fraud against Chase and its customers, they're held accountable."
[3]JPMorgan exec claims bank repels '45 billion' cyberattack attempts per day
[4]JPMorgan latest to pile into quantum upstart with $5B valuation
[5]Brazen crims selling stolen credit cards on Meta's Threads
[6]Dutch cops pwn the Redline and Meta infostealers, leak 'VIP' aliases
One of the lawsuits involves a Houston man, Timipah Ikemi, who allegedly owes the bank $290,939.47 after an unidentified accomplice deposited a counterfeit check.
"On August 29, 2024, a masked man deposited a check in Defendant's Chase bank account in the amount of $335,000," the bank said in the Texas filing as [7]reported by CNBC. "After the check was deposited, Defendant began withdrawing the vast majority of the ill-gotten funds."
[8]
A second lawsuit was filed against Micah Reed in the Central District of California, according to Pusateri. And two others were filed in the Southern District of Florida. One names In and Out Appliances LLC and the other Riskboss Musiq LLC as the alleged fraudsters.
These three allegedly involve amounts between $80,000 and $141,000 owed to the bank, according to CNBC. ®
Get our [9]Tech Resources
[1] https://x.com/copiumx/status/1829905279758319817
[2] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_security/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2ZyAXmIV9VxBt4bCF0Go6ZgAAAII&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[3] https://www.theregister.com/2024/01/18/jpmorgan_exec_attacks/
[4] https://www.theregister.com/2024/01/16/jpmorgan_quantum_banking/
[5] https://www.theregister.com/2024/10/28/crims_selling_credit_cards_threads/
[6] https://www.theregister.com/2024/10/28/dutch_cops_pwn_the_redline/
[7] https://www.cnbc.com/2024/10/28/jpmorgan-suing-customers-over-infinite-money-glitch.html
[8] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_security/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44ZyAXmIV9VxBt4bCF0Go6ZgAAAII&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[9] https://whitepapers.theregister.com/
The so-called "infinite money glitch" [1]exploded on X and TikTok over the summer, after customers abused a technical issue affecting ATMs nationwide that allowed them to deposit fake checks and then withdraw massive sums of money before the checks bounced.
A spokesperson for the largest bank in the US declined to answer The Register 's specific questions, including how many of these fraudulent deposits it received, and the total amount of stolen cash it is seeking to recoup. He did, however, confirm the four lawsuits, filed in federal courts in Texas, Florida, and California.
[2]
"Fraud is a crime that impacts everyone and undermines trust in the banking system," Chase spokesperson Drew Pusateri told The Register . "We're pursuing these cases and actively cooperating with law enforcement to make sure if someone is committing fraud against Chase and its customers, they're held accountable."
[3]JPMorgan exec claims bank repels '45 billion' cyberattack attempts per day
[4]JPMorgan latest to pile into quantum upstart with $5B valuation
[5]Brazen crims selling stolen credit cards on Meta's Threads
[6]Dutch cops pwn the Redline and Meta infostealers, leak 'VIP' aliases
One of the lawsuits involves a Houston man, Timipah Ikemi, who allegedly owes the bank $290,939.47 after an unidentified accomplice deposited a counterfeit check.
"On August 29, 2024, a masked man deposited a check in Defendant's Chase bank account in the amount of $335,000," the bank said in the Texas filing as [7]reported by CNBC. "After the check was deposited, Defendant began withdrawing the vast majority of the ill-gotten funds."
[8]
A second lawsuit was filed against Micah Reed in the Central District of California, according to Pusateri. And two others were filed in the Southern District of Florida. One names In and Out Appliances LLC and the other Riskboss Musiq LLC as the alleged fraudsters.
These three allegedly involve amounts between $80,000 and $141,000 owed to the bank, according to CNBC. ®
Get our [9]Tech Resources
[1] https://x.com/copiumx/status/1829905279758319817
[2] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_security/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2ZyAXmIV9VxBt4bCF0Go6ZgAAAII&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[3] https://www.theregister.com/2024/01/18/jpmorgan_exec_attacks/
[4] https://www.theregister.com/2024/01/16/jpmorgan_quantum_banking/
[5] https://www.theregister.com/2024/10/28/crims_selling_credit_cards_threads/
[6] https://www.theregister.com/2024/10/28/dutch_cops_pwn_the_redline/
[7] https://www.cnbc.com/2024/10/28/jpmorgan-suing-customers-over-infinite-money-glitch.html
[8] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_security/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44ZyAXmIV9VxBt4bCF0Go6ZgAAAII&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[9] https://whitepapers.theregister.com/
Could be or not could be
O'Reg Inalsin
The name "Timipah Ikemi" isn't currently shown in the linked CNBC article. It's not impossible his name was "borrowed" or account hijacked. It would be kind of stupid of him if he did. Harris County, Texas records show Timipah Mahkurdi Ikemi held one job between 2015 and 2018. One of the most recent records in 2018 lists a job of Detention Officer and a pay of $6,299.65. The highest paying job held by Timipah Mahkurdi Ikemi was in 2017 as a [Juvenile Probation] Detention Officer making $19.33.
Banksters hate being ripped off by other crooks.
We wouldn't expect these well-regulated and highly profitable organizations to be prey to the same connivery they inflict on their customers, right?
If there are some chinks in the transactional armor surrounding deposits and withdrawals I'd guess there are a lot more waiting to be investigated.