this post was submitted on 06 Sep 2024
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104
JPMorgan Plans to Report Customers Who Exploited TikTok ‘Glitch’ to Authorities (www.wsj.com)
submitted 1 month ago by [email protected] to c/[email protected]
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[–] [email protected] 27 points 1 month ago (4 children)

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.

[–] [email protected] 38 points 1 month ago* (last edited 1 month ago) (1 children)

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.

[–] [email protected] 31 points 1 month ago (1 children)

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".

[–] [email protected] 5 points 1 month ago (2 children)

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.

[–] [email protected] 4 points 1 month ago

Until the next free shopping glitch where I just transcend the door without paying. You are correct this problem is with parenting, society in general,and education.

[–] [email protected] 3 points 1 month ago

I’m not sure all that cash was just kept in the pockets of the perpetrators. I would be surprised if even half of the stolen amount was trivially recovered.

[–] [email protected] 9 points 1 month ago (1 children)

Ignorantia juris non excusat - "Ignorance of the law excuses not"

[–] [email protected] 2 points 1 month ago (1 children)

Except in the cases where it explicitly does.

[–] [email protected] 3 points 1 month ago (1 children)

Which are?

I don't mean to be confrontational, I genuinely want to know where it "explicitly does".

I'm not in the US and my countries criminal code has a § (§17 german stgb) that as long as you are legally competent you are responsible for your actions even if you were ignorant of the law.

If you are pointing at those that are not legally competent/ non compos mentis, I think the point there is not so much the not knowing of the law, but being unable to understand a law.

[–] [email protected] 6 points 1 month ago

I assume some variation of this exist for other jurisdictions, but in the US, some crimes require prosection to prove "intent" (mens rea) Depending on the crime, you might have to know that it's illegal for mens rea.

In US Tax Court, there's precedence that ignorance of tax code is a defense for criminal tax.

https://en.m.wikipedia.org/wiki/Mens_rea#Ignorance_of_law_contrasted_with_mens_rea

[–] [email protected] 6 points 1 month ago

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.

[–] [email protected] 16 points 1 month ago (1 children)

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.

[–] [email protected] 2 points 1 month ago

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

[–] [email protected] 10 points 1 month ago

lol, GenZ discovers check kiting?

[–] [email protected] 9 points 1 month ago

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.

[–] [email protected] 5 points 1 month ago

People are literally running out of money. This is expected.

[–] [email protected] 4 points 1 month ago

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