Consumer complaint received 2024-12-11 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: JPMORGAN CHASE & CO.
State: NY

Complaint narrative:
To Whom It May Concern, I am submitting this report to the Consumer Financial Protection Bureau ( CFPB ) to document JP Morgan Chase Banks inability and unwillingness to address a case of bank fraud, despite multiple attempts to report the fraudulent activity through their official channels. The timeline below outlines the events leading to the discovery of fraud, as well as the subsequent failures by JP Morgan Chase to take appropriate action. 

Timeline of Events XX/XX/year> : I was approached by a firm called XXXX XXXX XXXX to fund my project through a bank guarantee. This engagement involved video calls and emails with their CFO, XXXX XXXX XXXX. Due diligence was conducted, confirming the firm 's standing with the XXXX XXXX XXXX, and the company was deemed legitimate. 

XX/XX/year> : XXXX XXXX XXXX recommended engaging XXXXXXXX XXXX XXXXXXXX XXXX XXXX ( XXXX XXXX ) as a broker for the deal. 

XX/XX/year> : After my lawyer thoroughly reviewed the contract, my company entered into a formal agreement with XXXX XXXX. Documentation of the Deed of Agreement is attached for reference. 

XX/XX/year> : XXXX XXXX issued an invoice for the deposit on the instrument, totaling {$100000.00}, which was paid to the account referenced in the agreement. 

XX/XX/year> : XXXX XXXX issued an additional invoice for a leasing fee of {$110000.00}, which was not disclosed in the original agreement. My company declined to pay this amount as it was not contractually obligated. 

XX/XX/year> : Upon further review, the business account tied to XXXX XXXX was identified as fraudulent. Six calls were made to JP Morgan Chase customer service to report the fraudulent activity. 

XX/XX/year> : I reached a JP Morgan Chase agent, but they declined to assist with the case or provide actionable support to address the fraudulent activity. 

XXXX XXXX XXXX XXXX Attempts to contact JP Morgan Chase via their advertised email for reporting fraud ( XXXX ) were unsuccessful. All emails bounced back, indicating the email address was nonfunctional or inaccessible. 

Violations of Legal and Regulatory Obligations JP Morgan Chase Banks failure to respond to and address the reported fraud constitutes a violation of several regulatory obligations, including : Bank Secrecy Act ( BSA ) - 31 U.S.C. 5311-5330 JP Morgan Chase is required to monitor and report suspicious activity, including fraudulent transactions. Their inaction in this case indicates non-compliance with this duty.

Regulation E - 12 C.F.R. 1005.11 Financial institutions must investigate and resolve consumer reports of unauthorized transactions promptly. JP Morgan Chase failed to take action or conduct any investigation into the fraudulent activity I reported.

Uniform Commercial Code ( UCC ) 4A-202 Banks are required to act in good faith and exercise ordinary care when processing electronic fund transfers. JP Morgan Chases inaction violates this requirement. 
XXXX XXXX XXXX XXXX and Consumer Protection Act - 12 U.S.C. 5531 By failing to assist in resolving the fraud and provide a functional reporting mechanism, JP Morgan Chase engages in an " unfair, deceptive, or abusive act or practice '' ( UDAAP ) that causes substantial harm to consumers. 
Conclusion and Request for Action JP Morgan Chase has failed to uphold its obligations as a financial institution to protect account holders and address fraudulent activity. This negligence raises serious concerns about the bank 's internal practices and its compliance with anti-fraud regulations. 

I request that the CFPB : Investigate JP Morgan Chases handling of this fraud case and their compliance with applicable federal regulations. Compel JP Morgan Chase to initiate a thorough
investigation of the fraudulent account and transactions.

Enforce penalties for JP Morgan Chases failure to maintain a functional fraud reporting process and for their inaction regarding my case. 
The lack of support from JP Morgan Chase in addressing this matter undermines the trust consumers place in the financial system and highlights systemic failures that must be addressed to prevent further harm.

Company response to consumer: Closed with explanation