JPMorgan Chase Refuses to Reimburse Customer After $11,000 is Stolen From Bank Account
According to a report from WKMG, a scammer recently stole $11,000 from the account of a retired postal worker. Robert Wolfe received a text message that appeared to be from JPMorgan Chase, and when he replied “No,” a scammer posing as a bank representative contacted him, sending a one-time passcode to his phone, which he read aloud. Despite his fast action in contacting the bank, the money was taken from his account, and JPMorgan refused to reimburse him. The bank’s statement on the matter expressed a lack of assistance due to criminals tricking consumers into sharing private account information, passwords, or one-time passcodes.
Zelle Offers New Fraud Protection
Unlike JPMorgan Chase, the 2,100 financial firms using Zelle have begun to reimburse customers who were tricked into unauthorized transactions. This move by Zelle is significant because it offers more protection against fraudulent activity, and customers can report fraud on the Zelle network here.
Hot Take
JPMorgan Chase’s refusal to reimburse a customer after their money was stolen from their account should serve as a warning to others. Be cautious with sharing sensitive information and consider using payment platforms like Zelle. Such platforms can provide a layer of security against fraud and unauthorized transactions.
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