NEW YORK—JPMorgan Chase said it is investing $14 million in seven initiatives designed to combat fraud and scams as financial institutions and consumers face rising losses tied to increasingly sophisticated schemes.
According to a statement from JPMorgan Chase, the philanthropic investment will support programs focused on scam prevention, fraud detection, financial education and consumer protection.
The bank cited Federal Trade Commission data showing scams and fraud cost consumers as much as $158 billion annually, amid increases in social media scams, impostor scams and other forms of financial fraud.
‘Innovative Solutions’
“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, JPMorgan Chase’s head of financial health, said in a statement.
Mortazavi added the initiative reflects the company’s commitment to “advancing economic opportunity” and building “safer, more resilient communities.”
What’s Included
According to JPMorgan Chase, organizations receiving funding include:
- The Aspen Institute Financial Security Program, which is piloting real-time transaction blocking technology aimed at preventing Electronic Benefit Transfer theft in partnership with state benefits agencies.
- AARP’s Older Adults Technology Services program, which will offer in-person and virtual training to help older adults avoid scams.
- Better Business Bureau Institute for Marketplace Trust, which plans to expand its Scam Tracker tool using artificial intelligence to identify and alert users to emerging scam activity.
- The Office of the San Francisco Treasurer & Tax Collector, which is launching the StopScamsSF public awareness and scam monitoring initiative.
- Stop Scams Alliance, which plans to release a nationwide survey next month examining fraud victimization trends.
- Prosperity Now, which is developing an AI platform to help community leaders and small businesses detect and report scams through text messaging.
- finEQUITY, which plans to create mobile and web-based tools connecting formerly incarcerated individuals with financial coaching, debt management resources and an AI-powered scam checker.
