"JPMorgan Chase Customer Loses $20,000 Due to Banking Loophole: Report"
A customer in Utah lost $20,000 from her JPMorgan Chase account to scammers who exploited a loophole in the Electronic Fund Transfer Act, leaving her without protection. The scammers posed as Chase fraud department employees and convinced the customer to provide verification codes, ultimately authorizing the fraudulent transaction. Due to limited protections in the 1978 law, the bank denied her claim, highlighting the increased vulnerability of bank customers to such scams, particularly with the rise of digital banking and wire transfers during the pandemic.
