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Chargeback Spike Said to Trigger JPMorgan Account Closures
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A surge in chargebacks, not crypto hostility, may have driven JPMorgan’s decision to freeze accounts tied to BlindPay and Kontigo.
Checkbook CEO PJ Gupta told The Information that rapid customer onboarding caused abnormal transaction activity. “They opened the floodgates,” Gupta said, describing how fast growth led to elevated risk signals.
The incident comes as JPMorgan and Checkbook deepen their partnership, with Checkbook joining the J.P. Morgan Payments Partner Network in late 2024 and expanding B2B payment services across regulated sectors.
