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A suspicious payment is flagged, protecting a client from fraud

Situation 

Wei, an established client of J.P Morgan Private Bank, regularly makes payments to vendors using J.P. Morgan OnlineSM to satisfy business-related invoices. During a normal business day, Wei received an invoice through an email from what appeared to be one of his existing vendors requesting he follow new payment instructions. He entered the payment details on J.P. Morgan Online and authorized a transfer for $99,101.

Our Approach

The payment was flagged for additional review by J.P. Morgan’s Fraud Prevention team, who were immediately suspicious of the transfer, as it was larger than Wei’s usual transactions to the vendor. Concerned, Wei’s Private Bank team contacted him to discuss the situation. Although confident the payment instructions were valid, Wei asked for further assistance to confirm the details. As a result, the Fraud Prevention team worked with Wei to contact the vendor directly in order to verify the payment details. After contacting his vendor they confirmed that the payment instructions were in fact fraudulent, as they did not send Wei any new payment instructions. 

Outcome

The J.P. Morgan Fraud Prevention team helped Wei stop the fraudulent payment and partnered with him to send the payment to the correct vendor.

J.P. Morgan invests heavily in cybersecurity and fraud protection to keep clients like Wei safe. Key ways client assets are safeguarded include:

  • Dedicated Fraud Prevention, Cyber Advisory and Client Service teams that work to keep accounts secure
  • Multi-layered authentication technology and processes
  • Trainings and educational materials 

Advanced fraud detection technology monitors for:

  • Newly created look-a-like domains to mitigate phishing risks 
  • Signs of a spoofing attack
  • Potential mobile device compromises
  • Potentially suspicious transactions and beneficiaries, or account changes

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Important Information

All case studies are shown for illustrative purposes only, and are hypothetical. Any name referenced is fictional. Information is not a guarantee of future results.

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