It looks like JPMorgan Chase is in the news again due to money draining from accounts. Check out the latest reports about this below.
JPMorgan Chase scammed
A customer of JPMorgan Chase from Utah will not be reimbursed after scammers stole $20,000 from her account while she was on vacation.
According to the NBC-affiliated news station KSL-TV, Kathryn England was in Florida when she received a call from someone claiming to be from the Chase fraud department, the online publication the Daily Hodl notes.
The caller informed her that $20,000 had been wired out of her account and in order to retrieve the money, she had to follow his instructions.
In an attempt to recover her money, England followed all of the caller’s instructions and provided him with several verification codes she received via text message during a two-hour phone conversation.
Finally, she was asked to delete the Chase app from her device and wait for a call back, which never came.
“An hour went by. Two hours went by. I said, ‘Something is so not right.’ So, we went back to the hotel and called Chase.”
After having a conversation with the real Chase, England realized that she had fallen prey to a scammer who had wired $20,000 out of her account.
However, Chase refused to cover the loss, citing a loophole in the Electronic Fund Transfer Act.
The law typically provides protection to victims of account hacking or card theft, but it does not extend to those who have authorized transactions after being deceived by scammers.
Carla Sanchez-Adams, who is a senior attorney with the National Consumer Law Center, has pointed out that due to the limited protections offered by the Electronic Fund Transfer Act, which was passed in 1978, such incidents have become increasingly common among bank customers, especially since the outbreak of the pandemic.
“It just impacts everyone, and they’re heartbreaking stories because there really are no protections…
What happened after 2020 in the pandemic, is that wire transfers are now available through digital banking. Whereas before you used to have to go in person into a branch to initiate large transfers through wire. And now, you know, you can set that up and do it online.”
