Consumer complaint received 2024-09-21 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem making or receiving payments
Company: JPMORGAN CHASE & CO.
State: IN

Complaint narrative:
On XX/XX/year>24 I fell victim to the Chase/XXXX  scam XXXX A recieved calls and texts from my brother asking for money claiming his account was recently hacked and was still frozen. As a similar situation had happened a couple years back when my brother had his identity stolen, I didnt think twice and proceeded to send who I thought was my brother, {$490.00}. I now realize that his phone number was being spoofed and somehow they even faked his voice. Not only that, this person had hacked my brothers facebook and was now reaching out to me there. After sending money via XXXX in the Chase app. I realized a different recipent was listed that was not in fact my brother. This person continued harrasing and threatening me to send even more money. At this point I was already on the phone with Chase trying to come to a resolution. This is all context and this is where my claim begins against JP Morgan Chase & Co as well as XXXX. 

When opening my claim with Chase, they ensured me that they offer great customer protection. Unfortunatly, since this scam occured through XXXX, Chase could not help beyond opening a ticket and taking details from the scam. This is where Chase claimed that since XXXX is a third party company, they had no way of retrieving funds. What Chase fails to acknowledge is that not only is XXXX deeply integrated into their app, making it one of the only ways to transfer money via the Chase app. They also fail to acknowledge that XXXX is run by XXXX XXXX XXXX XXXX, a financial tech conglamerate who is Co-Owned/Invested in by JP Morgan Chase. JP Morgan Chase claims that they can not be held responsible by the lack of security from XXXX. Despite this, they still decide to invest in XXXX, and allow it to be their main source of money transfers within the app. This is seemingly a major contradiction. Chase claims their securities and protections are great, while XXXX is at fault. From where I stand now, it seems like JP Morgan Chase ( Along with the other Co-Owning banks ) operates in a way where they can wash their hands of any wrongdoing by pointing the finger to XXXX, a company they help keep afloat with their money. My question is, how can JP Morgan Chase claim to protect consumers, while using a third party company in XXXX ( WHO THEY CO-OWN ), and not be held liable for their blatant lack of actual protection. If Chase Co-Owns XXXX XXXX ( or XXXX XXXX, how can they claim to have strong protection while willingly operating another company with absolutly no consumer protection. I am repeating myself again for emphasis. All JP Morgan Chase is doing is hiding behind a thin veil called XXXX and passing the blame. All while lying to the consumer and failing to inform them that they themselves are HEAVILY invested in XXXX. How can Chase claim to have no control over XXXX and their protection policies while being one of their greatest investors. Not only does this put all consumers at risk, but it sets a precedent that anyone can just start another company and use them to hide behind and pass the blame.

Company response to consumer: Closed with explanation