The workshops are designed to help the public recognize and protect themselves from fraud and scams, JPMorganChase said in a Monday (Nov. 17) press release.
“These workshops are an integral part of Chase’s multilayered approach to fraud and scam prevention,” the bank said in the release. “Chase invests billions annually in cutting-edge technologies and strategies to safeguard its customers’ financial well-being.”
JPMorganChase’s efforts in the area of security include technology that detects suspicious activity and then provides an in-app warning to customers or stops payment; a security feature that allows customers to designate a trusted contact person who can be notified of certain transactions on the customer’s account; and collaboration with law enforcement to share insights and trends, according to the release.
In addition, JPMorganChase has a dedicated Scam Interruption team that reaches out to clients to stop scams in real time; maintains an Elderly and Vulnerable Persons team that helps older and vulnerable adults who might be victims of financial abuse; and constantly updates Chase bankers on the latest trends in scams, per the release.
Jennifer Roberts, CEO of Chase Consumer Banking, said in the release that banks, technology companies, social media platforms and law enforcement all have a role to play in protecting consumers from fraud and scams.
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“At JPMorganChase, we’re leading by example by continuously investing in new solutions, but we call on the entire industry to join us in making it harder for criminals to exploit our communities,” Roberts said.
The PYMNTS Intelligence report “The State of Fraud and Financial Crime in the U.S. 2024: What FIs Need to Know” found that fraudsters are using more sophisticated tools to scam consumers and that financial institutions are countering these attacks with their own advanced tools.
The report also found 40% of financial institutions said their fraud-related dollar losses had grown in the previous 12 months.
The FBI’s Internet Crime Complaint Center (IC3) said in April that reported cyber and scam-related losses reached $16.6 billion in 2024, marking a 33% increase from 2023. IC3 said that these figures might not reflect the true scale of losses, as many incidents go unreported.
