How JP Morgan Got SCAMMED | Trillionaire Mindset – Episode 69

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On September 15, 2016, JP Morgan Chase was the victim of a massive fraud that resulted in the loss of million. The fraudsters, hackers located in the Middle East, hacked into the bank’s computer system and used stolen passwords and account information to execute unauthorized transfers of funds to overseas accounts belonging to members of an international criminal organization.

In order to pull off the scam, hackers broke into the bank’s system and gained access to the credentials of an employee who had the authority to make large transfers. Using the stolen credentials, they then transferred a total of million to their overseas accounts. The bank later determined that the criminals had gained access to the system by exploiting a set of vulnerabilities in the bank’s software, known as the “Banking Trojan” or the “Isaac Virus.”

JP Morgan was ultimately able to recover the majority of the stolen funds, but the incident caused considerable humiliation for the bank, who had lost its reputation for financial security. The FBI and other federal agencies conducted a thorough investigation into the attack and eventually arrested two Ukranians and four other individuals in connection with the crime.

Investigators were able to track the illicit movement of the funds through multiple shell companies located in different countries and regions, and eventually seized assets in 20 countries and territories worth million. Ultimately, nine people were indicted in connection with the case.

The scam was a warning to other companies, particularly financial institutions of how vulnerable they are to cybercrime and hackers. Since the incident, JP Morgan has toughened up its security measures to prevent similar hacks in the future.

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