JPMorgan Chase is pursuing legal action against individuals who exploited a technical flaw to withdraw funds from ATMs before checks bounced. The bank is investigating thousands of potential cases related to the ‘infinite money glitch,’ which gained notoriety on social media. This incident highlights the continued vulnerability of financial institutions to check fraud despite the declining use of physical checks.
With global travel rebounding, the Foreign Office issues a warning about the growing risk of ATM fraud, particularly skimming, in popular tourist destinations. Travelers are advised to be vigilant, use ATMs inside banks, and take precautions to protect themselves from financial crimes while abroad.
ATMs have become hotspots for fraudsters, with numerous cases of victims being coerced into withdrawing money for criminals. Recently, police arrested three individuals involved in over 25 such incidents. The fraudsters remove the card reader, causing the victim’s card to become stuck in the machine. Pretending to offer assistance, they request the victim’s PIN, which they use to withdraw funds after the victim leaves.
Masked individuals are using advanced skimming devices known as shimmers to steal card information and money from ATM users. Shimmers work by inserting a device into the ATM’s chip reader, allowing them to bypass traditional security measures. Elaine Fischer, a recent victim of a shimmer attack, was left shaken by the experience and unaware of the theft until later. Shimmers, unlike traditional skimmers that target magnetic stripes, record data through chip readers, making them harder to detect.
