Is JP Morgan Safe? 

If you use or plan to use JP Morgan, you need to know: Is JP Morgan safe? 

Below, we explain whether JP Morgan is: 

• Safe to use. 
• Good for privacy. 

We also look at some steps you can take to improve both your safety and privacy when interacting with this institution. 

What Is JP Morgan?

JP Morgan is one of the world’s largest and most prominent financial institutions, offering a wide range of banking and financial services. 

As part of JPMorgan Chase & Co., the company operates in investment banking, asset management, wealth management, commercial banking, and securities services. 

JP Morgan is especially well-known for its investment banking division, which provides services such as mergers and acquisitions (M&A) advisory, underwriting, and capital raising for corporations, governments, and institutions globally. 

Is JP Morgan Safe?

JP Morgan is generally considered a safe and reliable financial institution.

As one of the largest banks in the world, it is subject to stringent regulations from bodies like the Federal Reserve, the U.S. Securities and Exchange Commission (SEC), and other global regulators. 

These oversight mechanisms ensure that JP Morgan adheres to strict guidelines regarding capital reserves, liquidity, and financial transparency. 

The bank also has a well-established risk management system in place to mitigate financial and operational risks. 

JP Morgan consistently undergoes stress testing, which assesses its ability to withstand severe economic downturns or financial crises. This testing, along with its diversified portfolio of services across investment banking, asset management, and retail banking, helps the bank minimize its exposure to any one area of risk.

For its online services, JP Morgan utilizes several security features to protect users’ data, including secured data centers, multi-factor authentication, session timeout, and so on.  

The cybersecurity company UpGuard gives JP Morgan Chase a score of 822 out of 950 for its site security. Among the concerns listed are that secure cookies and HttpOnly cookies aren’t used, and no valid Content Security Policy is implemented.

In 2014, JP Morgan experienced one of the largest data breaches in banking history, with 83 million accounts compromised. In 2024, approximately half a million retirement accounts were leaked.

Is JP Morgan Private?

Depends on your definition of “private.”

JP Morgan implements a range of data security measures, including encryption, secure access protocols, and continuous monitoring of its systems to ensure that client’s personal and financial information is protected from unauthorized access or cyberattacks (though it has experienced some security incidents). 

In its privacy policy, JP Morgan outlines what data it collects, why it collects it, and with whom it shares it. 

Depending on where you live and how you interact with JP Morgan, you may have privacy rights, such as the right to request access to the personal information that JP Morgan has on you and how it processes it and the right to request rectification of inaccuracies. 

JP Morgan also says it does not let outside companies collect your personal information when you use their online services. They also don’t use information from other websites you visit to show you ads based on your browsing habits. If they ever decide to do this in the future, they will let you know and give you the option to opt out.

In 2024, JP Morgan Chase launched Chase Media Solutions, a digital media business that will allow brands and advertisers to market to Chase bank customers based on first-party data (i.e., customers’ transactions). 

Many internet users, particularly those active in privacy forums, were unhappy with this development and said they would change banks. 

JP Morgan’s privacy policy has not been reviewed by external review sites such as Terms of Service; Didn’t Read at the time of writing.

How to Improve Your Safety and Privacy On JP Morgan

Follow the steps below for a more private and secure experience while interacting with JP Morgan: 

• Limit the data you share. Only provide the essential information required for your banking or investment needs. Avoid sharing unnecessary personal details unless absolutely necessary for transactions or services.
• Review JP Morgan’s privacy settings. Take advantage of the privacy controls offered by the bank. 
• Enable two-factor authentication. Increase the security of your accounts by enabling two-factor authentication. This adds an extra layer of protection, reducing the likelihood of unauthorized access to your financial information.
• Request data transparency. Ask for a detailed report of the data JP Morgan has collected about you. Under laws like GDPR and CCPA, you have the right to request access to your personal data and understand how it is being used or shared.
• Stay informed about privacy policies. Periodically review JP Morgan’s privacy policy to learn how your data is being handled and if there are any changes.