JPMorgan Chase Bank is the largest bank in the U.S., making Chase scams prevalent thanks to imposters and fraudsters. John Thompson founded Chase Bank in 1877. Thompson named the bank "Chase" after the former United States Treasury Secretary and Chief Justice Salmon P. Chase, even though he had nothing to do with the bank. The bank was commonly known as Chase Manhattan Bank until 2000 when it merged with J.P Morgan & Co.
Chase was primarily a wholesale bank that dealt with other financial institutions and corporate clients in its early history. In 1955, it merged with The Manhattan Company. Later in the century, it acquired and merged with many other banks, including Chemical Bank and J.P Morgan & Co. It also expanded its influence over many non-financial corporations during this period. Today, it has more than 5,100 branches, 7,000 ATMs, and over a quarter of a million employees worldwide.
Scammers are constantly working on new ways to steal your personal information and hard-earned money. Unfortunately, the Chase name is something they often use to aid them in their efforts. Here are some of the most common Chase scams.
The most common type of scam is phishing. Scammers use phishing to trick you into giving them your personal details or Chase login credentials using either an email, a text, or a phone call. For example, this scam may start with a text that says you have limited access to your account. This email says that you need to verify your account details because of a software upgrade or some similar type of message about the state of your bank account.
The fake Chase text or email will then use a link to direct you to a website set up to look just like the official Chase bank website with a form to enter your username and password. Once you enter your login details, the scammers will have them and be able to access your account.
This other type of Chase scam uses a fake fraud alert to steal user information and login details. This scam may start with what looks like a legitimate fraud alert from Chase notifying you that a large purchase has been made on your account.
The text will ask you to respond with a yes or no, just like legitimate fraud alerts. Once you respond, the scammers now know they have a valid phone number, and you will get a phone call from a person claiming to be a representative of Chase. The person will ask you for personal information like your Social Security number or your Chase login details to steal them or your money.
In this Chase scam, your money won't be stolen, but your credit could be affected. This scam is targeted at people whose personal details have already been involved in a data breach and are being used for identity theft.
Scammers use stolen personal information to open up multiple Chase bank accounts to get the $200 Chase is offering to new checking account customers, which they quickly transfer to another account. As a result, you will eventually get a debit card in the mail from Chase for an account that you never signed up for.
In this scam, you receive a text message or call saying that someone is attempting to withdraw a large sum of money from your account. The scammer will tell you that the best way to prevent the hacker from stealing your money is to transfer it to another bank account temporarily.
The scammer will use fear tactics and claim they are currently tracking the "hacker," and the transfer has to be done quickly. Once the money is transferred, the scammer will have it.
Chase offers credit cards that offer protection from scams and fraudulent purchases. In addition, the bank provides 24/7 monitoring for unusual activity, and you’re not liable for any unauthorized charges to your card.
While there are new scammers every day who are after your hard-earned money, you don't have to be a victim of their scams as long as you don't fall for the scammer's tricks. Here are a few ways to guard yourself against their tactics:
Scams are so prevalent that you may run into one, or you may even fall victim to one. If you do, don't beat yourself up, but do take action. If a scammer contacts you, here are some things you can do to prevent any further damage and help catch the scammer.
If your Chase bank account has not yet been compromised, the first thing you will want to do is change your password to a new, long password that you aren't using with any other account. If you haven't set up two-factor authentication yet, also do that. If the scammers have accessed your account and you no longer have control over it, you need to contact Chase.
You can do this by calling:
Chase may be able to help you secure your account and recover lost funds.
If you have been contacted by a scammer and did not become a victim of the scam, you should still report this to Chase so they can inform other banking customers and prevent future scams. You can do this by forwarding the email or text to [email protected].
You can report the scam to the Federal Trade Commission. Additionally, you can contact your state attorney general. Reporting the fraud to the local authorities is another option.
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