JPMorgan Chase Suffers $1,000,000 Loss After Scammers Lift Customers’ Credit Cards, Increase Limits and Alter Account Information: Report

A credit card scheme has triggered a whopping $1 million loss for JPMorgan Chase, according to a new report.

Two men from Houston have admitted to being part of a scheme to steal new credit cards and bank statements in the mail, reports FOX 26.

At least 120 credit cards were stolen in the scheme, with the criminals activating the cards, increasing credit limits and altering account information.

This week, 39 year-old Bradley Kane Zarco and 28 year-old Travis Castaneda Qawasmeh pleaded guilty to using the cards to buy retail items, gift cards and withdraw cash over the course of six months.

Three others – 43 year-old Christopher McGee, 37 year-old Daniel Sanchez and 64 year-old Omokehinde Muyiwa Oyegoke-Tewogbade have also pleaded guilty in the case.

Sanchez was sentenced to 41 months in prison in February, and the other men face up to five years for conspiracy, with Christopher McGee also facing an additional mandatory two-year term for aggravated identity theft.