Consumer complaint received 2021-09-30
Company: JPMORGAN CHASE & CO.
State: DE
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Fraud or scam

Complaint:
I was trying to purchase a luxury watch on XXXX for approx., {$16000.00}. XXXX was not allowing me to the purchase saying buying limit was reached and did not provide any other details. So I tried to reach their customer support. XXXX site didn't have any number listed, instead it gave me two options, callback ( 1 min ) and chat ( in 2 mins ). I chose both and waiting. Within 2 minutes I received a call from XXXX from XXXX and an agent came on the chat after a few seconds. Since I had the live person on the call, I discontinued on the chat and continued with the person on the phone. He said since this was a huge purchase, XXXX didn't allow the purchase on the site and put a temporary hold on my account, I need to arrange it through the customer support. I was insisting on using XXXX and he said he had to check with the seller to see what options available for them to take it. He said once the XXXX account will be reset, I would be able to do that, however in order to put the hold on the watch, I need to make a small deposit of {$2000.00} and provided multiple options like XXXX, etc., I said I was not comfortable in making such payment and I would like to go through credit card payments only. He asked what was my bank, my bank is Chase and he said I could make a payment through XXXX from my Chase bank account. I never used XXXX before and not aware what that product was. Since it was from my bank account, I proceeded with the payment. Our bank did not provide any warnings that this is like cash payment and immediate and no hold period or verification like ACH transfer to the recipient. All I received was a notification on my mobile, whether I was authorizing the transaction. And I submitted Yes and payment was made. After I finished the call, I checked my email received a note from XXXX stating they called me and it was unanswered. That's when I knew I was scammed. I called Chase immediately and filed a complaint. The customer support representative said she would file a complaint to XXXX and give them 10 days to work on it, however it might not be possible to collect all the money back. However yesterday when I called Chase customer support on the status, the rep said the claim is closed as unsuccessful and XXXX would not be returning the money back. 

We have been let down by three different businesses here. 

XXXX for not letting us making the purchase the proper way and not have proper customer number to call. Also letting XXXX customer support return call to be interjected by another scammer. He gave a call back number ( XXXX XXXX XXXX ) as he was account manager assigned to this case. That number is still active and his mailbox greetings says You've reached desk of XXXX, XXXX customer service. When I called XXXX customer service ( the same way, initiated it online and they called me back on my number ) they said they couldn't do anything about the impostor. 

XXXX for not retrieving the money back from the recipient, even though their service says it works only with US banks, meaning they have knowledge of the bank of the recipient and option to work the bank of the recipient and collect the money back, they refuse to do so. 

Chase, my bank, NOT informing me that XXXX is like cash payment and no buyer protection or holding period for the first time transfer to a recipient and now closing the claim without caring about protecting my money. Also I found out, XXXX app itself has {$500.00} limit, however Chase has {$2000.00} limit, making the risk higher.

Company response to consumer: Closed with explanation