PROVIDENCE – JPMorganChase & Co. recently rolled out the largest fraud-prevention initiative in its history, expanding its national efforts to curb rising financial scams that cost Americans billions of dollars each year.
The bank marked International Fraud Awareness Week, from Nov. 16-22, by hosting more than 20 free, in-person workshops across the country in partnership with police departments and local organizations.
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Chase routinely offers similar sessions across its 5,000-branch network, but the company said this expanded push reflects the scale of current scam activity. Last year alone, Chase says it blocked $12 billion in attempted fraud.
“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 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.”
As part of the initiative, Chase highlighted several new and expanded security measures.
The bank has upgraded its real-time scam-detection technology to flag risky transactions, particularly those linked to social media marketplaces, and can automatically stop payments or push in-app warnings before money moves.
Chase is also rolling out a “trusted contact” option that lets customers designate someone who can be notified if the bank spots signs of fraud or financial abuse.
A dedicated Scam Interruption Team, built with input from behavioral psychologists and investigators, now works to intervene in real time when clients appear to be under active scam pressure.
Older adults remain a priority focus, the bank said. Chase’s Elderly and Vulnerable Persons unit is expanding its outreach, and Chase has partnered with AARP to provide its BankSafe training to branch staff members nationwide.
Chase said it will continue investing billions annually in security systems, data analysis and front-line employee training as part of its multilayered strategy to reduce fraud losses.
Chase Bank has 15 locations in Rhode Island, according to its website.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
