Consumer complaint received 2025-05-11 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: JPMORGAN CHASE & CO.
State: CA

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Dear CFPB, I, XXXX, now a XXXX XXXX XXXX XXXX XXXX XXXX XXXX, fell victim to a so called online pig butchering scam in the XXXX XXXX XXXX. The derogatory moniker pig butchering alludes to the practice of fattening a pig before slaughtering it, and refers to the lengths taken by its perpetrators to gain the trust and confidence of their victims. 

Without question, the evil doers are the unknown criminals who orchestrated the scheme to set up a fake investment platform/website to steal vulnerable seniors and others money. However, the crime required the assistance of a bank -- - in this case, assistance and aid proided by agants and representatives of JPMORGAN Chase Bak, N.A. ( Chase  ), including XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  branch employees. 

Chase has known for some time about these schemes and how its agents assist in perpetrating them, and it has been named I an increasing number of lawsuits involving elder Chase customers being defrauded by authorized transfer scams dependent on the banks active involvement and cooperation. 

Between the XXXX XXXX XXXXXXXX to the end of XXXX XXXX XXXX XXXX XXXX employees assisted in defrauding me out of approximately XXXX leaving me with nothing. This appears to be a blatant violation of the Elder Abuse and Dependent Adult Civil Protection Act. 

Pig butchering scammers often target their victims through online communications platforms. They frequently initiate contact with their victims by saying they came across their contact info and then start a conversation. After gaining the trust of their victims sometimes over a period of months scammers eventually introduce the idea of investing in business projects where the victims are directed to spoofed websites that are built to look like legitimate companies The scammers then require the assistance of financial institutions, like Chase, and bank branch employees, to authorize large transactions, which the victim believes to be an investment. Once financial institutions like Chase authorize a transaction that the victims believe to be an initial investment, the scammers purport to show increasing financial opportunity. 



Pig butchering scammers assisted by financial institutions like Chase, that continue to assist the scammers through repeated suspicious transactions do not stop until they have deprived victims like me of any remaining savings. 


Elder financial abuse, including pig butchering schemes that often target elders, has become as ubiquitous as it is pernicious. Older adults are targets for financial exploitation due to their income and accumulated life-long savings and thus scams targeting their savings have proliferated over the last decade. 


Often called the " crime of the XXXX Century, '' elder financial abuse is epidemic, with estimates of the annual economic losses as high as {$37.00} XXXX per year. Those monetary loss estimates do not include the often severe mental and/or physical impacts of financial abuse upon the elderly victims health and well-being. One of the documented impacts of elder abuse is earlier morbidity, with victims being three times more likely to die early than similarly situated non-victims.

Chase representatives across two branches along with the banks inadequate policies, procedures and controls failed to protect me, a loyal and vulnerable long time customer, when they transferred approximately a quarter of a XXXX XXXX  from the Chase account in question ( My Chase account ) on several occasions, without performing a sufficient risk assessment. 


At no time throughout this scheme to defraud did Chase employees ask any pertinent questions, flag these highly irregular and suspicious transactions for further review, or complete a sufficient risk assessment regarding the transfers, despite the potentially fraudulent nature of these LARGE transfers and the fact that the money was being simultaneously pulled regularly from my account. Nor, did a Chase Bank XXXX ever offer of require approval for these frequent HIGH VALUE transfers. 

Prior to the XXXX XXXX XXXXXXXX, I had never transferred such regular and large sums of money with Chase. These fraud scam amounts dwarfed the average monthly balance in my accounts in prior years. 

The sudden, irregular activity on Plaintiffs account strongly suggested the financial exploitation of an elder that Chases own website states is on the rise. 

Nonetheless, not one of the numerous agents of the company who personally completed numerous fraudulent transactions and observed the sudden onslaught of irregular activity, reported that financial elder abuse may have occurred ; delayed ( or even questioned ) the unusually large transactions or prevented the fraudulent activity from happening. XXXX XXXX XXXX XXXX XXXX XXXX 

Further, the Interagency Guidelines specifically identify the well-known hallmarks of financial abuse of older adults, including, but not limited to : Erratic or unusual banking transactions, or changes in banking patterns, such as : Uncharacteristic attempts to wire large sums of money. 

A single such banking transaction by an elderly customer signifies financial abuse of an elder, as defined by XXXX XXXX that is specifically identifiable and preventable by Financial Institutions like Chase Bank. 

A decade ago, the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau joined with six other federal agencies in issuing an Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults Interagency Guidance to financial institutions such as Defendant Chase. 

The Interagency Guidance underscored what by then was a well-known problem to Defendants and the rest of the banking community : Recent studies suggest that financial exploitation is the most common form of elder abuse... Older adults can become targets of financial exploitation by family members, caregivers, scam artists, financial advisers, home repair contractors, fiduciaries ( such as agents under power of attorney and guardians ), and others. Older adults are attractive targets because they may have significant assets or equity in their homes. They may be especially vulnerable due to isolation, cognitive decline, physical disability, health problems, and/or the recent loss of a partner, family member, or friend. Financial institutions can play a key role in preventing and detecting elder financial exploitation. A financial institutions familiarity with older adults it encounters may enable it to spot irregular transactions, account activity, or behavior. Prompt reporting of suspected financial exploitation to adult protective services, law enforcement, and/or long term ombudsmen can trigger appropriate intervention, prevention of financial losses, and other remedies. 
As between a disadvantaged elderly customer and the financial institutions entrusted to keep the costumers savings safe, only the latter is realistically positioned to prevent scams which are so obviously preying upon elderly clientele like me. 

In violating their own policies, procedures and controls, Chase knew or should have known that their actions were likely to be harmful to me. The financial elder abuse that took place would not have occurred were it not for Chase Banks actions. Because of these actions, I have suffered irreparable financial loss and significant emotional distress. 

Its ironic and patently unfair that while Chase Bank XXXX offers fraud protection even for authorized fraud payments/transactions, Chase Bank XXXX has not signed on board to protect customers like me in the United States XXXX XXXX XXXX XXXX, BELOW, is an outline of the scam I can present you with several of the Chase Bank fraud transactions upon further request. I am herein attaching the latest one for your perusal. 

I am an XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 

In XXXXXXXX XXXX XXXX in an unsolicited email manner, I was recruited to work for a XXXX XXXX  company on what was touted as a XXXX  XXXX XXXX  annual contract supplying the company with product from a farm in XXXX XXXX XXXX 

A supposed staff member of this British pharmaceutical company reached out to via email offering to profit share on a much needed herbal extract produced by a Turkish farm that we could renew a supply relationship with for five years. I had never met the staffer in real life XXXX XXXX XXXX XXXX  This Spoofed and data breached website was finally taken down by XXXX XXXXXXXX XXXX, in late XXXX XXXX after I investigated via debt collectors in the XXXX 

As this began, I was urged to sign an NDA by a staff member named XXXX XXXX, and from there our business relationship began. I eventually became an " official '' supplier to the XXXX XXXX  company, and wound up spending XXXX XXXX XXXX of dollars on barrels of product the XXXX XXXX " XXXX XXXX XXXX XXXX XXXX XXXX XXXX stated they would pay me for, but they later refused to due to my not having a XXXX XXXX XXXX XXXX XXXX license which was never mentioned initially. After my initiating contact with the XXXX XXXX, as instructed, the XXXX XXXX owner referred me to his XXXX XXXX XXXX who, after I paid nearly {$80.00}, generated a license that proved to be fake, resulting in a current XXXX XXXX XXXX XXXX I have never personally met the XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Since the XXXX XXXX XXXXXXXX to nearly the present, I have used my Chase Bank business account, as instructed by XXXX XXXX XXXX to make HUGE Chase Bank business to business fund transfers to numerous Chase Bank business accounts set up by XXXX XXXX XXXX XXXX XXXX XXXX throughout the United States to fund XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX also purportedly shared expenses, but I now find their wire transfers to XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  were all fake. 

After my spending {$200000.00} plus ( approx ) on samples and licensing without getting any commission, I now find that it is an elaborate scam by rogue employees or rogue company reps. I have preserved a full and complete paper trail of documentation, with the broached company CEO issuing me a signed contract, and his staff urging me throughout the months to incur further and further debt. 

The XXXX XXXX  XXXX, XXXX XXXX, has just very recently conveniently removed his long standing XXXX XXXX website from the internet, late XX/XX/XXXX, after all of my data has been breached, and claims he didn't know of the activities of his rogue staffers, but he surely has vicarious liability. He is also the CEO of another major XXXX XXXX company with holdings internationally and in the United States. 

* Because of the rogue activities of this XXXX XXXX XXXX website, which XXXX XXXX XXXX has left unattended and exposed to data breaches and rogue players for years, I have gone into massive debt, ruined my XXXX credit in my frantic attempt to finance this fraudulent scheme, and as a result, I am left having only pain and suffering, home mortgage loan debt and looming XXXX bankruptcy. 



XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Greetings XXXX XXXX, Below are the Bank account details for wire. 

XXXX. For {$40000.00} from the XXXX, endeavour to make use of cash deposit for quick transaction and fast cofirmation. 

BANK NAME : CHASE BANK ACCOUNT NAME : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. For {$60000.00} from XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Do send wire copies accordingly for confirmation. 

Kind Regards, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation