JPMorgan Chase is investing $14 million in seven initiatives aimed at preventing fraud and scams, the bank said Tuesday.
The philanthropic investment by the largest U.S. lender comes amid an uptick in multiple types of scams, including social media scams and impostor scams, according to the Federal Trade Commission. In all, fraud and scams cost as much as $158 billion annually, according to the FTC.
Among those receiving funds are The Aspen Institute Financial Security Program, which is piloting real-time transaction blocking to prevent Electronic Benefit Transfer theft with a number of state benefits agencies, and Older Adults Technology Services from AARP, which will deliver in-person and virtual programs to help seniors protect themselves from scams, JPMorgan said.
“By supporting these impactful organizations, we’re investing in innovative solutions and community-driven programs that empower those most at risk to recognize scams, prevent fraud and keep their finances secure,” Mercedeh Mortazavi, the lender’s head of financial health, said in a prepared statement.
“This initiative reflects our commitment to advancing economic opportunity, keeping the American Dream within reach, and building safer, more resilient communities across the country,” Mortazavi said.
Other entities benefiting from JPMorgan’s $14 million investment include the Office of the San Francisco Treasurer & Tax Collector, which will launch its public messaging and scam monitoring initiative StopScamsSF; the Better Business Bureau Institute for Marketplace Trust, which will grow its Scam Tracker tool into a platform that detects and informs users of emerging scam activity with the help of AI; and Stop Scams Alliance, which next month plans to publish a nationwide survey on fraud victimization that gives a more complete picture on its prevalence and impact, the bank said.
Additionally, beneficiaries Prosperity Now will develop an AI platform for community leaders and small businesses to detect and report scams via text message; and finEQUITY will develop a mobile and web platform to connect those previously arrested or incarcerated to financial coaching, resources to help avoid high-interest debt and an AI-powered scam checker to help screen suspicious texts.
"Across the firm, we’re continuously investing in new technologies and better education to protect our customers — and we’re extending that mission into the communities where we live and work,” said Ryan Loftus, JPMorgan’s head of trust and security, in a prepared statement. “By partnering with public, private, and nonprofit organizations, we’re delivering meaningful outcomes today and building a stronger, more resilient financial ecosystem.”
