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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

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.

This material is for information purposes only, and may inform you of certain products and services offered by private banking businesses, part of JPMorgan Chase & Co. ("JPM"). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations.

GENERAL RISKS & CONSIDERATIONS

Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g. equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan team.

NON-RELIANCE

Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.

Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

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