More Californians are becoming targets and victims of scams and fraud | Opinion

It’s a tale as old as time: A criminal seeks out a vulnerable person to cheat them out of their money or other valuable assets. These deceptive practices have evolved, but their intent to exploit and deceive remains unchanged. And modern technology is making it even easier for criminals — including foreign actors — to enter our homes and places we feel safe.

As fraud and scams become more sophisticated, it is critical that policymakers take a cross-sector, whole-of-government, public-private approach — including social media and telecom companies, banks, nonprofits, law enforcement and government officials at all levels — to stop criminals before consumers are trapped under their spell.

As the head of consumer banking practices at JPMorganChase, where I focus on our elder and vulnerable customers and the rising threat of fraud and scams, I have seen the evolution of this devastating criminal activity. From selling counterfeit or nonexistent products on social media marketplaces, to romance scams on dating sites, to spoofing legitimate businesses and trusted institutions’ phone numbers on caller IDs, these criminals are evolving and becoming more organized.

And they are using new technologies and AI tools to make their deceptive communications appear more legitimate.

With their increased sophistication, more and more Californians are becoming targets and victims of scams and fraud. California ranked as the No. 1 state for cybercrime complaints submitted to the FBI in 2024, reporting a loss of over $2.5 billion to bad actors online. Of this sum, individuals over 60 years of age lost more than $832 million.

No one is immune to these crimes, but we must be more vigilant to protect our vulnerable and elderly populations.

Due to unreported instances of scams, it is hard to estimate the full scope of this problem. Regardless, one is too many.

American banks are employing state-of-the-art security tools, including 24/7 fraud monitoring, data encryption and secure technology, like biometric authentication, to safeguard our customers’ money and ensure confidential access to their accounts. Each year, JPMorganChase proactively identifies nation-state and cybercriminal threats, stopping more than $12 billion in fraud attempts.

Additionally, we are committed to educating our customers about scam prevention, empowering them with the knowledge and tools needed to recognize and avoid scam threats across the digital ecosystem.

But this isn’t just a consumer issue, it is also a national security threat, damaging the trust and safety of the U.S. economy and financial system. The immense complexity and scale of the challenges posed by these scams requires decisive action by companies alongside coordinated government and law enforcement to stop these criminals. That’s why law enforcement agencies like the FBI, Department of Homeland Security and the Financial Crimes Enforcement Network have joined banks and many others in participating in the Aspen Institute’s National Task Force for Fraud and Scam Prevention.

Thankfully, policymakers are also coming to realize the urgency and breadth of this issue. Policymakers should be wary of efforts that encourage costly litigation at the expense of California’s taxpayers and instead prioritize solutions that get to the root of the issue — the criminals.

It’s sobering to think that roughly three-quarters of Americans have experienced at least one cyber scam or attack, with minorities often experiencing more than one. That is why, later this year, the Aspen Institute’s task force will release a national scam prevention strategy to create a blueprint that puts ideas into action.

These are critical steps toward protecting Californians from the insidious fraud and scams online, but the government and the banks cannot fight this alone. It takes all stakeholders to create lasting change. We must work together and prioritize the trust of consumers and constituents in California.

Darius Kingsley is a managing director in Chase Consumer Banking, part of JPMorgan’s Consumer and Community Banking (CCB) line of business. He is responsible for protecting Chase’s branch customers from scams and fraud; is the segment owner for Chase’s elder customers; and is the CCB strategy lead for sustainability and environmental initiatives.

This story was originally published August 26, 2025 at 6:00 AM with the headline "More Californians are becoming targets and victims of scams and fraud | Opinion."