Consumer complaint received 2018-10-16
Company: JPMORGAN CHASE & CO.
State: TX
Product: Money transfer, virtual currency, or money service
Sub-product: Mobile or digital wallet
Issue: Fraud or scam

Complaint:
On Saturday, XX/XX/XXXX I was in contact with an individual about the purchase of four electronic tickets totaling {$400.00}. The " seller '' advised that funds could be transferred directly from Chase through XXXX with no issues, and once completed the " seller '' would transfer the tickets to my XXXX account. Transferring electronic tickets is a legitimate practice and the exchange was being done directly through my Chase app, so I believe this was a safe and secure way to exchange funds for a good. The transfer page even indicates the receiving individual 's name and phone number! Once the funds were transferred the " seller '' stated twice that the tickets were sent over, but they had yet to appear in my account. I immediately called Chase to get the transfer cancelled or reversed, but by the time I was able to speak to a representative the " seller '' had already accepted the funds, so I was told by Chase that there was nothing they could do and the funds were unable to be recovered. The only assistance Chase provided was a statement about how customers should only send money to people they actually know, and XXXX is a third party so they have no protections in place for their customers. We then immediately contacted the XXXX XXXX non-emergency line and put in a request for police intervention. The department responded to the request on XX/XX/XXXX and the official report was filed on XX/XX/XXXX. 

I contacted the XXXX Police Department and have filed an official police report and have opened an investigation against the individual in question. I have the JPM Chase transaction number along with the " seller 's '' name and phone number, and was able to secure the " seller 's '' personal identifiable information ( Social Security Number, DOB, address ) through APD. I contacted Chase again today, XX/XX/XXXX to report the official police report and once again seek any assistance, as well as get the " seller 's '' bank information, but Chase will not even provide me with the receiving banking institution 's name. Chase has done absolutely nothing to assist, and I find it incredibly frustrating and ridiculous that they provide ( what I thought was ) a convenient and safe method of transferring money to other parties ( XXXX  ), but are unwilling to assist their long-time customers when theft occurs within their own platform. Myself and my family have been banking with Chase for years and they are the only bank I have ever held an account with, but after this experience question their commitment to their customers. 

I had called Chase within minutes of the exchange, was placed on hold for over 10 minutes, and received no assistance. I find it hard to believe that these electronic transactions are unable to be reversed and resolved. Chase needs to honor their fraud protection guarantee, and needs to provide me with the {$400.00} refund. 

I am able to provide my personal information, the thief 's personal information, as well as the XXXX transaction number. The official police report was filed on XX/XX/XXXX, report # XXXX.

Company response to consumer: Closed with explanation