Consumer complaint received 2022-05-03
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: JPMORGAN CHASE & CO. (IL)

On XX/XX/XXXX I received a text message while I was in the middle of my workday ( screenshot attached ). The text asked if I was transferring {$5000.00} via XXXX. I responded NO and shortly after I received a call from Chase number XXXX. The person on the phone said they were a representative of Chase and were calling because of potential fraud on my account for {$5000.00}. I have been working my XXXX off to save all my money to buy a house, so I panicked when the person told me this. The person on the phone sounded just like someone from Chase with on hold music and everything. I was on the phone with the person for nearly an hour. I followed all his instructions to reverse the payment and send the money back to myself. Shortly after I got off the phone, I started feeling uneasy about the call, so I called Chase. At this point the money was still in my account. Instead of trying to stop the transaction, the representative from Chase gave me a lecture about how Chase contacts clients and that I may have been potentially scammed. Instead of doing anything while the money was still in my account the representative opened a case and said someone will get back to me. Which they never did. The money was taken out of my account shortly after my call with Chase. The next day the scammer called me back apologizing for the delay with the money being returned to my account. He said that he was in contact with XXXX, and they have informed him that they are seeing big delays, but I would see the money soon. He said that to try and expedite the process I could go through a few steps with him. I hung up the phone I immediately and called Chase to let them know and I was told by a representative " What do you want me to do The representative was rude and didn't seem to care. I felt like the rep was just trying to get me off the phone. I was told to be patient while my case was being reviewed. Hoping I was in good hands I waited for the 10 days I was told to wait. Hearing nothing from them after 2 weeks I started calling for the next few days. I spoke to 5 different representatives that must have been at home because I could barely understand them because their phones were choppy at best. When I could understand them, they were rude and acted like they didn't care at all. The last person I talked to said that my claim was denied but I could not understand his explanation because of the poor phone quality. At this point being very frustrated I went to the bank and filed a complaint. I explained everything I went through and was told that I would receive a call from the Chase Fraud department to clear up the matter. A few days later I did receive a call and was told that there was nothing they could do. I was told to call XXXX and ask them if they can help but that would be a no as well. 
I called XXXX and they wouldnt help me either stating that they are not responsible for scams, just fraud. I dont understand how this is not fraud. 
The most frustrating thing is XXXX XXXX wrote a story of the same thing happening to a XXXX  XXXX XXXX client ( https : XXXX ). XXXX  XXXX XXXX refunded the money that the person was scammed out of. I let Chase know that and they still didnt care. You mean to tell me that a bank that is insured for their money can't or won't take care of a client that has been with them for 20 plus years, but XXXX  XXXX XXXX will? All I want is my money back, but Chase really doesnt seem to care about their clients even when someone is doing an excellent job impersonating them using their number. I have heard such great things about you team. I am hoping there is something you guys can do to help me with this. 
I did some research and found on your site that this should be covered by the bank. 
From your site : 5. A third party fraudulently induces a consumer into sharing account access information that is used to initiate an EFT from the consumers account. Does the transfer meet Regulation Es definition of an unauthorized EFT?

Yes. As discussed in Electronic Fund Transfers Error Resolution : Unauthorized Fund Transfers Question 1, Regulation E defines an unauthorized EFT as an EFT from a consumers account initiated by a person other than the consumer without actual authority to initiate the transfer and from which the consumer receives no benefit. 12 CFR 1005.2 ( m ). Comment 1005.2 ( m ) -3 explains further that an unauthorized EFT includes a transfer initiated by a person who obtained the access device from the consumer through fraud or robbery. Similarly, when a consumer is fraudulently induced into sharing account access information with a third party, and a third party uses that information to make an EFT from the consumers account, the transfer is an unauthorized EFT under Regulation E.

For example, the Bureau is aware of the following situations where a third party has fraudulently obtained a consumers account access information, and thus, are considered unauthorized EFTs under Regulation E : ( 1 ) a third-party calling the consumer and pretending to be a representative from the consumers financial institution and then tricking the consumer into providing their account login information, texted account confirmation code, debit card number, or other information that could be used to initiate an EFT out of the consumers account, and ( 2 ) a third party using phishing or other methods to gain access to a consumers computer and observe the consumer entering account login information. EFTs stemming from these situations meet the Regulation E definition of unauthorized EFTs. 
Updated XX/XX/2021 I just spoke to another representative and we talked about Regulation E and she said she still cant help me. Where do I go from here? Isn't this regulation enforced?