JP Morgan Chase is targeting even more customers who allegedly used 'infinite money glitch' to steal cash, report says — here's how the scheme worked and what consumers should know

"We're still investigating cases of fraud and cooperating with law enforcement — and we'll do that for as long as it takes to hold fraudsters accountable," Drew Pusateri, a spokesperson for the bank, told the broadcaster in story published April 16.

CNBC says a source familiar with the company's actions revealed the bank is now targeting customers who allegedly stole amounts below $75,000, and letters were sent to over 1,000 customers demanding they repay funds.

How the glitch worked

The "infinite money glitch" involved depositing fake checks into an ATM and withdrawing the money before the checks bounced. It's a form of check fraud.

This scheme became widely known in August after spreading quickly on social media. The core exploit was that the bank's system temporarily made funds from deposited checks available before the bank had time to verify and clear the check.

JPMorgan Chase filed new lawsuits in multiple states, including Georgia, New York, Texas and Florida, against individuals accused of exploiting the glitch, per CNBC. The bank previously focused on larger cases in federal court but is now pursuing smaller cases in state courts.

"On August 29, 2024, a masked man deposited a check in Defendant's Chase bank account in the amount of $73,000," the bank said in a suit filed in Georgia on April 15, according to CNBC. The bank further claimed a series of cash withdrawals at two Chase branches in the state totaling $82,500 had been made before the check bounced after six days.

CNBC withheld the defendant's name, but says the lawsuit claimed they owe the bank $57,8847.69 and had yet to comply with requests to return the funds.