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Banking

Now is your time to embrace digital banking

Reports of cyber fraud might make a person wary of banking online. But it’s actually safer to pay your bills online today through a reputable financial institution than with a paper check.


In fact, check fraud is the number-one fraud in the United States today by value of deposit account fraud losses.1 Meanwhile, recovery of any losses is actually more likely if your transaction is handled digitally by a bank, as digital money movement is generally easier to trace.

One question we hear a lot about digital banking is: Is it safe? Our answer: Yes, with the right financial institution.

Why bank online 

The convenience of online banking is undeniable: You can handle transactions anytime, day or night, and make your transactions or account changes anywhere you have a connection to the internet. You can also monitor your account and transactions in real time.

No wonder people are turning to digital banking. In fact, according to Business Insider Intelligence’s report, The Next Generation of Banking: “The most prevalent trend in the banking industry today is the shift to digital, specifically mobile and online banking.” A stunning 89% of respondents to its most recent survey said they used mobile banking in 2018, up from 83% in 2017.2

Banks such as J.P. Morgan invest a great deal in sophisticated fraud prevention. We spent $600 million in 2020 on cybersecurity, and we have a global team dedicated to this priority.

Our firm also has multiple layers of protection beyond user ID and password authentication for accessing your account information online. Secure tokens are available and device verification is required. We also recommend you set up email and text alerts to monitor suspicious account activity. And we will be monitoring your accounts and contacting you if we detect transactions that seem outside your normal activities. 

If you think your account has been compromised in any way, speak with your J.P. Morgan team member immediately. 

 

Check fraud is widespread

Meanwhile, using traditional paper checks has become risky.

Check fraud is on the rise. In the United States alone, check fraud jumped from $6.6 billion to $15.1 billion from 2016 to 2018, according to the American Bankers Association.3

Paper checks are risky because they contain sensitive and personal information such as your name, address, account number, routing number and signature, all of which fraudsters can use to access your account and attempt to steal your funds.

Fraudsters use this wealth of information to pose as you and access your accounts. Here are their four most common tactics: 

  1. Theft and forgery—They steal your checks and fraudulently endorse them.
  2. Counterfeiting—They make withdrawals or payments using counterfeit checks that contain your account number and routing number.
  3. Check washing—They replace payee information with their own information (after stealing the check in the mail).
  4. Check kiting—They can trick you into withdrawing funds against a deposited check, often a counterfeit check, before the check clears.

 

One of our clients, Jessica, was a victim of check washing:4

Jessica had been writing checks her entire life. Each month after all her bills arrived, she’d write her checks, stuff them in stamped envelopes, and drop them in the mailbox. She hadn’t set up any automatic debits because she was nervous about going digital. Until, one day…

Jessica received notice her mortgage payment was late. After calling her J.P. Morgan representative to investigate, she learned that the payee name had been changed on her mortgage payment check and that her account had a few debits she did not recognize. 

How could that happen?

Jessica’s check had been intercepted by fraudsters, who had stolen the envelope from the mailbox and changed the payee name to their own. They also used her account and routing number to process payments to third-party service providers for their benefit.

Upon learning this, the recovery process began: renumbering Jessica’s account and helping her relink her debit card. Her representative told her about the safeguards in place for the bank’s online payment system, and she went digital.

What you can do now

We invite you to take these measures to protect yourself against check fraud:

  1. Pay your bills online through your bank. When you use online bill payment systems, your bank sends a check on your behalf without disclosing your personal checking account number.
  2. Sign up for paperless billing and statements so fraudsters can’t steal your account information.
  3. Check your online banking accounts at least monthly for unauthorized activity.
  4. Set up online alerts for any account changes or withdrawals over $0.01, so you will be immediately notified if fraudulent activity takes place.
  5. If you do use physical checks, do not pre-print or include personal information on them. No addresses, for example.
  6. Examine new checkbooks for missing checks (look at the number sequence). 
  7. Shred any blank or unused checks you no longer need.
  8. Store checks in a secure, locked location that only you have access to.
  9. If you have a business or commercial checking account, engage advanced check fraud prevention services at your bank.

We’re here to help

As soon as you think you may be a victim of check fraud—or any other type of fraud—contact your J.P. Morgan representative. Our teams work around the clock and will start the recovery process immediately, and work with you to recover lost funds.

Speak with your representative to learn more about our cybersecurity and fraud awareness programs, and to schedule an information session with our fraud professionals.

1.American Bankers Association. Banks Stop $22.3 Billion in Fraud Attempts in 2018. Data as of January 15, 2020.
2.Making Banking Competitive Study, Business Insider Intelligence (2018).
3.American Bankers Association. Banks Stop $22.3 Billion in Fraud Attempts in 2018. Data as of January 15, 2020.
4.All case studies are based on real-life stories but have been altered to preserve privacy and confidentiality. Any name referenced is fictional and may not be representative of other individuals’ experiences. Information does not guarantee future results.

 

 

 

 

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This material is for information purposes only, and may inform you of certain products and services offered by J.P. Morgan’s wealth management businesses, part of JPMorgan Chase & Co. (“JPM”). Please read all Important Information.

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Any views, strategies or products discussed in this video 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 video 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 Advisor.

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Conflicts of interest will arise whenever JPMorgan Chase Bank, N.A. or any of its affiliates (together, “J.P. Morgan”) have an actual or perceived economic or other incentive in its management of our clients’ portfolios to act in a way that benefits J.P. Morgan. Conflicts will result, for example (to the extent the following activities are permitted in your account): (1) when J.P. Morgan invests in an investment product, such as a mutual fund, structured product, separately managed account or hedge fund issued or managed by JPMorgan Chase Bank, N.A. or an affiliate, such as J.P. Morgan Investment Management Inc.; (2) when a J.P. Morgan entity obtains services, including trade execution and trade clearing, from an affiliate; (3) when J.P. Morgan receives payment as a result of purchasing an investment product for a client’s account; or (4) when J.P. Morgan receives payment for providing services (including shareholder servicing, recordkeeping or custody) with respect to investment products purchased for a client’s portfolio. Other conflicts will result because of relationships that J.P. Morgan has with other clients or when J.P. Morgan acts for its own account.

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As a general matter, we prefer J.P. Morgan managed strategies. We expect the proportion of J.P. Morgan managed strategies will be high (in fact, up to 100 percent) in strategies such as, for example, cash and high-quality fixed income, subject to applicable law and any account-specific considerations.

While our internally managed strategies generally align well with our forward-looking views, and we are familiar with the investment processes as well as the risk and compliance philosophy of the firm, it is important to note that J.P. Morgan receives more overall fees when internally managed strategies are included. We offer the option of choosing to exclude J.P. Morgan managed strategies (other than cash and liquidity products) in certain portfolios.

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In the United States, bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member FDIC.

JPMorgan Chase Bank, N.A. and its affiliates (collectively "JPMCB") offer investment products, which may include bank managed investment accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC (“JPMS”), a member of FINRA and SIPC. Annuities are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

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