JPMorgan Plans to Report Customers Who Exploited TikTok ‘Glitch’ to Authorities

They should be - but they should also have some leniency from lacking clear intent. The people who spread this "hack" obviously knew it was check fraud and some of these folks may have known it... but some others may just be rubes. Obviously it'll come down to the actual trials but it'd be good to let most of these folks off with just returning the stolen funds with no additional punishment. There isn't really any deterrence value from punishing people who knew no better for exploiting a now closed loop hole - there's no possibility to copy cat the check fraud now.

I'd also love to see the FTC go after JP Morgan for such a fucking large security hole - this hack was only possible because of their negligence.

I'm sorry, but no. Anyone who did this knew it was ~~theft~~ fraud. And if they didn't, ignorance is not an excuse for breaking the law. I'm not usually on the side of the justice system, but this was clearly wrong. Maybe they don't need to fill up our jails, but some community service is deserved.

Edit: more accurate this way.
- the companies shouldn't have allowed it to happen, JPMorgan was aiding in check fraud
Idk I hate corporations but this one is 100 percent on the dumb fucks who thought by pretending that "money glitch" defined what they were doing instead of the reality "check fraud crime".
- In this case, though, what's the damage? These attacks happened in a spike and all the accounts overdrawn are tied to social security numbers and real life folks through provable links (assuming Chase did its fucking job during account registration)... Chase can recoup the losses pretty trivially and they should have a literal bank ledger of every transaction. So direct monetary damages seem nil assuming people haven't lost the money (and I'm only advocating for no additional punishment if the parties can make Chase whole).
  
  Then what about deterrence - we punish people to discourage future criminal actions... this loophole is closed and nobody can exploit it in the future. Additionally, given the flash mob nature of this, I don't think any bystanders would see the response to this and think "Fuck, I'm going to check fraud myself" the event is over, the window has passed.
  
  So I feel like any additional punishment (again, beyond reclaiming the fraudulently withdrawn money) would just be vengeful - and I don't think vengeance based punishment is moral.
Ignorantia juris non excusat - "Ignorance of the law excuses not"
- Except in the cases where it explicitly does.
Agree on all points. Like these people clearly committed fraud but if you're careless enough to get suckered into this you probably weren't the most financially savvy person to begin with. Balancing the scale should be enough. On the other hand the banking sector really needs to modernise. So much is built on archaic legacy systems and there doesn't seem to be any motivation to modernise and foolproof them. The economies too busy chugging along to care about how secure the foundations of it are.

Users on the social-media platform began sharing videos that showed a so-called glitch at Chase Bank that was allowing customers to deposit big checks and withdraw funds from ATMs immediately, even if sufficient funds weren’t available.

I mean I get it these people should be charged but seriously Chase? Aren't you supposed to be like a bank that's all about security? So we're pissing away a bunch of gov't resources to track down and charge these criminals cause Chase can't roll out a remote deposit system that works properly? Seems like the gov't should investigate how tf this happened in the first place

To all the idiots in the thread saying the bank should never have let this happen: this is cashing a check and you want this to be possible so you don't have to wait 3 days after depositing a check to access the funds.

A bank that's done business with you trusts that you wouldn't deposit a fake check and believes that the amount on the check is going to be available to be transferred.

Anyone abusing that trust makes it likely that the feature will be taken away from the rest of us, and they should see at least a week of jail time.

lol, GenZ discovers check kiting?

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