Consumer complaint received 2024-05-14
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Fraud or scam — 
Company: JPMORGAN CHASE & CO. (WV)

I want to draw your attention to a significant issue I've encountered involving Chase Bank. I've fallen victim to a sophisticated scam orchestrated by the company operating under the name " XXXX XXXX '' referred to as " XXXX XXXX '' Funds totaling {$810000.00} were transferred from my Chase Bank account to the fraudster, utilizing XXXX and XXXX 's services. Kindly note that a sum of {$810000.00} was transferred from my Chase Bank account to the fraudsters through the services of XXXX and XXXX. 

As I stated I fell victim to an Online trading company, misrepresenting themselves as legitimate brokerages offering me to make great returns on so-called Online trading with little to no risk. I thought I was going on a legitimate investment track, and I would like to mention that their methods were illegal, manipulative, against regulation, and very questionable. I have tried on several occasions to resolve matters directly with Chase Bank. However, they are ignoring me and trying to brush me off. I requested to file a dispute regarding the merchant and asked that Chase Bank to assist me in recovering the funds back to my account for the following reasons : Not as Described or Defective Merchandise/Services Goods or Services Not Provided Questionable Merchant Activity Furthermore, I do consider that the actions committed by Chase Bank 's employees run counter to the US legislation XXXX I have not managed to retrieve any of my funds, and I see no prospect of recovering them from either " XXXX XXXX '', XXXX or XXXX XXXX ''. I urge Chase Bank to acknowledge its share of responsibility in neglecting to adequately caution customers engaging with a disreputable entity. Those of us not well-versed in financial matters lack the tools to protect ourselves against a sophisticated and practiced deceiver. 

It is a shattering blow to have what effectively was my last hope of providing for my pension in even a small way. 

The Banks negligence : As previously highlighted, I have never received any notification from Chase Bank 's staff, despite the transactions made to " XXXX '' being deemed " unusually large and complex, '' as well as contradictory to my past transaction history. It's important to note that these transactions occurred in rapid succession, leaving no room for oversight from Chase Bank. Therefore, I consider this oversight to indicate negligence on the part of Chase Bank. 

I have accepted Chase Bank Terms and Conditions- with the pages covering XXXX policies they seemed to be credible enough. It turned out that Chase Bank and Chase Bank, which, de jure, have pages covered with XXXX and XXXX regulations, have, de facto, totally disregarded the US attempts to prevent/stop and combat money laundering, terrorism sponsorship, and other illegal, immoral, and unethical activities. 
I have emphasized that while XXXX XXXX might be involved in illegal activity ( money laundering, terrorism sponsorship, etc. ), Chase Bank 's reputation could face significant damage due to their decision not only to transfer funds to XXXX XXXX but also to refuse to reverse the transactions. 

Therefore, I consider that by transferring my hard-earned funds, Chase Bank allowed this fraud ( directly or indirectly ) to occur. I would like to emphasize that I am an ordinary citizen, I was never told about financial regulators and authorities, nor do I have any experience in the financial field- it is only the painful and devastating experience I faced that made me fully examine the key principles of XXXX and XXXX policies the banks should fully implement. 

Nevertheless, I would like to emphasize that financial institutions must update their database to ensure their clients` security. Unfortunately, ordinary people do not possess enough knowledge and technological facilities and, as a consequence, they could be deceived - and, in fact, they are! However, they do rely on their banks, and if such sophisticated fraud occurs, it means that : - we are dealing with sophisticated scammers and - The bank did not do its job properly. 

Ordinary citizens, who do not possess cyber-security tools, could be deceived- however, it is impossible to deceive the security infrastructures and systems. 

I would like to kindly draw the attention of the CFPB Ombudsman to the fact that I have never received any warnings from the banks ' sides - even though the transactions I was making should have raised red flags for Chase Bank and Chase Bank as I have never transferred money to XXXX before. I have never received any adequate warning/alert from the banks sides- and I do consider that it definitely indicates gross negligence from Chase Bank 's side. 

Furthermore, please note that I contacted Chase Bank right after I realized that I was sophisticatedly deceived - however, I have received neither assistance nor have my funds been recalled/retrieved. Therefore, I do consider that Chase Bank have never acted in the client 's best interest and now are trying to simply get rid of me. 
I was never told by Chase Bank 's employees that sending money to XXXX and XXXX might be risky, the bank inquired about the reasons behind transferring money to the recipient and I provided them with a clear explanation to ensure that my funds wouldn't fall into the hands of scammers. Despite this, the bank employees didn't offer any comments on the purpose of the transactions, nor did they provide an explanation regarding the associated risks. They didn't even take the initiative to inform me that this could be a fraudulent activity. Since my trusted financial institution didn't warn me or explain the risks involved, I was under the impression that I was proceeding on a legitimate path. Had my bank alerted me, I would have immediately ceased transferring funds to the scammers. 

Once again, I would like to emphasize that I am an ordinary citizen - however, I have revealed that the USA is seriously combating money laundering issues. I doubt how professional and reliable Chase Banks services are if their employees can not provide their clients with the relevant information concerning the risk of making certain transactions. 

I do consider that Chase Bank has committed gross negligence while transferring money to XXXX and Crypto.com as it has not only disregarded the vulnerable circumstances I face but has not fully implemented XXXX and XXXX regulations ( such as ongoing monitoring of clients` transactions in order to determine unusually large or complex ones as well as those which run counter to clients` profiles, committing XXXX searches, sanctions screening, etc. ), which made me fall into such a sophisticated scam. 

Despite regularly transferring substantial sums of money, I have never received any c alerts or warnings from bank employees. This leads me to believe that Chase Bank have failed to monitor my transactions or implement enhanced customer due diligence. Had they done so, they would have realized that these transactions do not align with my client profile. 

CASE SUMMARY : XXXX. Chase Bank has not stopped/blocked the transactions made to the fraudulent company. As those transactions have been authorized and executed by Chase Bank this means Chase Bank is directly involved in fraud. 

XXXX. The destination of my hard-earned funds was never checked by Chase Banks employees XXXX which indicates an absolute disregard for their own Terms and Conditions, as well as for the US anti-money XXXX legislation. 

XXXX. Chase Bank has not implemented enhanced customer due diligence, showing little concern regarding the potential money laundering, terrorism sponsorship, and other illegal activities ; XXXX. Chase Bank has disregarded its responsibilities regarding the clients` funds security and clients treatment. My financial condition has been strongly affected and I carried enormous losses due to the fraud - none of these vulnerable circumstances was taken into consideration by the Bank`s employees. 

XXXX. The Bank has not fully implemented its own Terms and Conditions.