JPMorgan Chase is putting almost $14 million into anti-fraud efforts as scam losses rise in the U.S. Estimates say American households lose about $158 billion each year to fraud and financial scams.
The bank said the money will help seven organizations working on scam detection technology, consumer education, and AI systems that aim to stop fraud before victims lose money.
One key project is from Prosperity Now, which is creating an AI tool to monitor texts and spot suspicious messages in real time. The goal is to flag risky messages as they happen, not after fraud has already occurred.
Another project supported by the bank is the Stop Scams Alliance, which is running a nationwide survey to learn how fraud spreads, who is most at risk, and why many cases are not reported. Experts say better data could help create stronger prevention systems.
JPMorgan said its systems blocked about $12 billion in scams, showing both the size of the problem and the ongoing challenge for banks. Even with these protections, losses across the country are still very high.
None of the funded projects focus on crypto scams or blockchain fraud. Instead, they mainly target traditional scams like phishing texts, fake calls, and schemes that exploit vulnerable people.
This move also shows the growing pressure from regulators in the U.S. and UK. Banks are being pushed to take more responsibility for cases where victims are tricked into sending money to scammers.
The funding shows that even the biggest financial institutions now see fraud prevention as something that requires working together, not just acting alone.
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