Financial services firm JPMorganChase recently announced it is investing nearly $14 million in philanthropic organizations that help protect Americans from fraud and scams and provide consumer awareness and real-time prevention.
“At JPMorganChase, we believe everyone deserves the tools and support to protect what they’ve worked so hard to build,” Mercedeh Mortazavi, JPMorganChase head of financial health, 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. This initiative reflects our commitment to advancing economic opportunity, keeping the American Dream within reach, and building safer, more resilient communities across the country.”
Annually, fraud and scams cost American households an estimated $158 billion, according to the Federal Trade Commission estimates. Low- to moderate-income individuals, youth, and older adults are the more vulnerable and face the greatest challenges recovering financially.
The investment builds on JPMorganChase’s other scam prevention efforts. The company launched the largest fraud and scam prevention initiative in the bank’s history last year. The initiative highlights its industry-leading fraud and scam prevention innovations, investments, and strategic initiatives. The company also hosts Fraud and Scam Prevention workshops regularly at its more than 5,000 branches.