JPMorgan Chase announced Monday it is launching what it calls the largest fraud and scam prevention initiative in the bank’s history, combining consumer education with operational enhancements designed to reduce fraud attacks.
The bank said it will host more than 20 free educational workshops across the country this week in recognition of International Fraud Awareness Week. The sessions, conducted in coordination with local law enforcement and community partners, aim to teach the public how to recognize scams.
Chase said it invests billions of dollars annually in fraud prevention technologies and last year prevented customers from losing $12 billion in fraud and scam attempts.
The initiative includes several new and existing security features:
Chase uses technology to detect potential scams and can send in-app warnings or stop payments when suspicious activity is detected, particularly for transactions linked to social media or other high-risk sources.
The bank is introducing a trusted contact feature that allows customers to designate someone who may be notified of certain account transactions to help protect against fraud or financial abuse.
Chase’s Scam Interruption team, developed with input from behavioral psychologists and investigators, contacts customers in real time when potential scams are identified.
The bank’s Elderly and Vulnerable Persons team focuses on older adults who may be victims of financial abuse. Chase has partnered with AARP to provide BankSafe training to branch employees.
Chase said it works with law enforcement agencies to share information about scam trends and threats.
The bank said its employees receive regular training on the latest scam tactics. Chase operates more than 5,000 branches and is the only bank with locations in all 48 contiguous states.
“Protecting our customers from fraud and scams requires a united front — banks, technology companies, social media platforms and law enforcement all have a role to play,” said Jennifer Roberts, CEO of Chase Consumer Banking. “At JPMorgan Chase, 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.”
More information is available at Chase.com/security.