Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #9398022
JPMorgan Chase Resolves Domestic Transfer Scam with Monetary Relief
Complaint Overview
Complaint ID: 9398022
Company: Jpmorgan Chase & Co.
Product: Money transfer, virtual currency, or money service
Sub-Product: Domestic (US) money transfer
Issue: Fraud or scam
State: Georgia
ZIP Code: 30680
Date Received: 2024-06-30T12:00:00-05:00
Date Sent to Company: 2024-07-01T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Referral
Risk Assessment
Risk Level: medium
The risk is medium because while the issue was resolved with monetary relief, it involved a fraud or scam, indicating potential vulnerabilities in the bank's fraud detection or consumer protection measures for domestic transfers.
Consumer Sentiment: positive
Topics: Money transfer, Virtual currency, Money service, Fraud or scam
AI Analysis
CFPB complaint 9398022 was filed against JPMORGAN CHASE & CO. regarding Money transfer, virtual currency, or money service (Domestic (US) money transfer), specifically about "Fraud or scam". A consumer reported a fraud or scam involving a domestic money transfer through JPMORGAN CHASE & CO. in Georgia, which was closed with monetary relief. The complaint was received on June 30, 2024 from Georgia. The company responded with "Closed with monetary relief".
What You Should Do -- Consumer Action Plan
Consumers should be vigilant about potential scams when conducting domestic money transfers and report any suspicious activity immediately to their financial institution.
Legal Context & Consumer Protection Laws
This case falls under consumer protection laws related to financial services and fraud, ensuring that victims of scams involving money transfers can seek recourse.
Regulatory Insight
Financial institutions must have robust systems in place to detect and prevent fraudulent money transfers and to provide timely resolution and relief to affected consumers.
Resolution Likelihood
likely
State-Specific Consumer Protections
In Georgia, consumers are protected by state and federal regulations governing financial transactions and fraud prevention, as evidenced by the resolution of this case.
Industry Comparison
This incident is common across the financial services industry, where banks and money service businesses continuously work to combat fraud in money transfer operations.
Related Issues
Frequently Asked Questions
What is CFPB complaint 9398022 about?
CFPB complaint 9398022 involves Money transfer, virtual currency, or money service (Domestic (US) money transfer). The consumer reported an issue with "Fraud or scam". This complaint was filed against JPMORGAN CHASE & CO. on June 30, 2024.
Which company is complaint 9398022 filed against?
Complaint 9398022 was filed against JPMORGAN CHASE & CO.. You can view all complaints against this company on their profile page at /company/jpmorgan-chase-co.
What was the company's response to complaint 9398022?
JPMORGAN CHASE & CO. responded with "Closed with monetary relief". The response was marked as timely by the CFPB.
When was complaint 9398022 filed?
Complaint 9398022 was received by the CFPB on June 30, 2024. It was sent to JPMORGAN CHASE & CO. on July 1, 2024.
What state was complaint 9398022 filed from?
Complaint 9398022 was filed from Georgia. You can view all complaints from this state at /state/GA.
Was the consumer satisfied with the resolution of complaint 9398022?
Dispute information is not available for complaint 9398022.
What product category is complaint 9398022 about?
Complaint 9398022 is categorized under "Money transfer, virtual currency, or money service", specifically "Domestic (US) money transfer". This is one of the product categories tracked by the CFPB.
How was complaint 9398022 submitted?
Complaint 9398022 was submitted via Referral. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.
What are the consumer's legal options for complaint 9398022?
This case falls under consumer protection laws related to financial services and fraud, ensuring that victims of scams involving money transfers can seek recourse. This relates to a Money transfer, virtual currency, or money service complaint against JPMORGAN CHASE & CO. involving "Fraud or scam".
How likely is complaint 9398022 to be resolved?
Resolution likelihood: likely. The company's current response is "Closed with monetary relief". The company did respond in a timely manner, which is a positive indicator.
What does the risk level mean for complaint 9398022?
This complaint is rated as medium risk. The risk is medium because while the issue was resolved with monetary relief, it involved a fraud or scam, indicating potential vulnerabilities in the bank's fraud detection or consumer protection measures for domestic transfers.
What regulatory actions apply to complaint 9398022?
Financial institutions must have robust systems in place to detect and prevent fraudulent money transfers and to provide timely resolution and relief to affected consumers. The CFPB tracks complaints like this one to identify patterns of misconduct across the Money transfer, virtual currency, or money service industry.
What should the consumer do about complaint 9398022?
Consumers should be vigilant about potential scams when conducting domestic money transfers and report any suspicious activity immediately to their financial institution.
Are there state-specific protections for complaint 9398022?
In Georgia, consumers are protected by state and federal regulations governing financial transactions and fraud prevention, as evidenced by the resolution of this case. This complaint was filed from Georgia.
How does complaint 9398022 compare to industry norms?
This incident is common across the financial services industry, where banks and money service businesses continuously work to combat fraud in money transfer operations.
What specific measures did JPMORGAN CHASE & CO. implement to resolve this fraud or scam case?
The provided data indicates the case was 'Closed with monetary relief,' suggesting the bank provided financial compensation to the consumer. Specific internal investigation details or remediation steps are not disclosed in this summary.
How can consumers better protect themselves from domestic money transfer fraud?
Consumers should verify recipient details carefully, be wary of unsolicited requests for money, avoid sharing personal financial information, and use reputable money transfer services. Reporting suspicious activity promptly is also crucial.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.