JPMorgan Abandons Scam Victim As Crypto Becomes Increasingly Popular

A JPMorgan Chase customer says he has been fighting for over a year to get his money back after $7,000 vanished via his account. Grant Holihan told CBS New York he believes his debit card was skimmed at an ATM in Queens. Shortly after using the machine, he got an alert by JPMorgan about a suspicious purchase in Las Vegas.

A Sad State Of Affairs

Holihan immediately closed the account, but that was not the end of it. He says scammers managed to make additional charges at multiple Giant supermarkets in Pennsylvania, draining his entire life savings in under an hour. In less than 60 minutes, scammers spent more than $7,000 at four different stores, Holihan said, before adding that it has already been over a year, and he still has not received any kind of reimbursement as the bank keeps denying his claim.

Holihan says he has evidence proving he was in New York when the fraudulent transactions occurred, but JPMorgan Chase insists the charges were legitimate. The claim was denied because the transactions were completed using the PIN number of the customer and was verified by phone, the bank said in a statement. Holihan, who feels abandoned by the bank, is asking Chase to step up and do the right thing.

Growing Concerns

This is not the first time that banks have let their customers down, and it is very much a global issue. It is also one of the main reasons why so many across the globe are actively shifting toward alternate means of saving up their hard-earned money, such as crypto.

In fact, many experts believe that is the rapidly growing popularity of crypto that so many banks are afraid of, as it would essentially render them obsolete, much like how social media rendered the post office completely irrelevant. Cases like Holihan are only increasing and unless banks step up and help out their customers, it could very well only be a matter of time before they have little to no customers left at all.