OP-ED: To protect holiday cheer, fraud prevention must be a community effort

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With the holiday season in full swing, many of us look forward to gathering with loved ones, exchanging gifts, and traveling to spend time with family and friends. This festive spirit, however, hides a growing threat: financial fraud and scams.

Criminals looking to trick people out of their hard-earned money are becoming increasingly sophisticated and, as a result, nearly one in three consumers fell victim to an online scam during the 2024 holiday season. New Yorkers alone lost $543 million to fraudsters and scammers last year — an important reminder to keep your guard up and stay alert.

During the holidays, scammers take advantage of our busy schedules, our generosity, and our eagerness to snag a deal on the perfect gift. From fake online shopping deals and fraudulent package delivery messages to phony charity outreach, the tactics are as varied as they are convincing.

In other words, the holidays truly are a scammer’s busy season. The best defense? Knowing what to look for and how to respond before you fall victim or so you don’t.

This year, JPMorganChase launched the largest fraud and scam prevention initiative in our history. Just before the holiday shopping season, we hosted more than 20 free educational workshops across the country, including three here in New York City, in partnership with local law enforcement and community organizations. These workshops were open to everyone — whether you bank with Chase or not — and helped to empower individuals with the knowledge and tools they need to protect themselves and their loved ones.

I had the privilege of hosting our workshop in Harlem, at our flagship Community Center Branch.

Our message was simple, but important: Stay informed, be cautious, and use the resources available to you. Our top tips included these techniques.

• When shopping online, stick to trusted retailers and scrutinize deals that seem too good to be true, especially on social media marketplaces.
• Always check that websites are secure — look for “https://” in the URL or site name — and research unfamiliar vendors for complaints or reports of scams.
• Use payment methods that offer purchase protection, such as credit cards.
• Remember that legitimate organizations will never demand you buy gift cards and use them to pay — requests for such payments are a red flag.

We were glad to see that individuals who attended our program pledged to bring what they learned home with them, spreading our message across Harlem and beyond.

Education is just one piece of the puzzle. JPMorganChase’s latest initiative also highlighted our multi-layered approach to fighting fraud and scams, including advanced security technology, dedicated support teams, and ongoing collaboration with law enforcement. We invest billions annually in cutting-edge solutions to safeguard customers’ financial well-being.

Chase’s efforts helped protect customers from losing an estimated $12 billion to fraud and scam attempts last year — a testament to the scale and seriousness of the challenge.

However, with today’s rapidly evolving technology and our deeply interconnected financial landscape, no single institution can tackle this problem alone. Collaboration is key — with banks, technology companies, social media platforms, and law enforcement all having an important role in disrupting scams. It’s on all of us to work together, share insights, and make it harder for criminals to exploit our communities.

As you prepare for the holidays, everyone should take advantage of the fraud and scam prevention resources and workshops available, and encourage your friends and family to do the same. Let’s make this season one of celebration — and not let the grinches steal our joy.

For more information about fraud and scam prevention, go to Chase.com/security or visit your local Chase branch.

Tanisha Ritter serves as community manager at Chase’s Harlem Community Center Branch on West 125th Street in New York City. Editor’s note: This article is a revised version of content that was erroneously published in the December 11 issue due to an editorial mistake.