10-Q, Member Exclusive

JPMorgan: Even the largest bank doesn’t get a break when dealing with fraud

  • Financial institutions continually refine tools to combat fraud, creating an interplay where fraudsters evolve alongside advancements made by banks and firms.
  • Even with robust anti-fraud measures in place, institutions can't guarantee a 100% success rate, leading to a mix of successes and occasional setbacks.
close

Email a Friend

JPMorgan: Even the largest bank doesn’t get a break when dealing with fraud

Security vs. bad actors: The quest to stay one step ahead in this cat-and-mouse game.

by SARA KHAIRI

Fraud was, is, and will continue to be very much a part of the financial services industry.

As FIs have refined an array of tools to comprehend and thwart fraud over time, there exists an interplay — fraudsters and their tactics evolving in parallel, mirroring the advancements made by banks and firms in their quest to stay one step ahead in this cat-and-mouse game.

In 2023 alone, fraud scams and bank fraud schemes totaled $485.6 billion in projected losses globally. The biggest emerging threat is real-time and digital payments fraud. As consumers want faster transactions, the risk of fraud goes up. With the ability to move money almost instantly, there’s a faster opportunity for scams and fraud, and money flowing to and from mule accounts.

EquiLend, the securities lending platform used by many of the largest brokers, fell victim to a cyberattack that disrupted some of its systems. The firm handles trillions of dollars in securities transactions monthly with board members from top-tier Wall Street banks like Morgan Stanley, BofA, Goldman Sachs, and JPMorgan among others. EquiLend stated that it’s actively collaborating with external cybersecurity firms and advisors to probe the attack and restore online services, which might span several days before normal services are fully reinstated. The full scope of the damage remains undetermined at this time. 

This also prompts the question that even with backing from legacy banks that have abundant resources and big tech budgets allocated to combat fraud, what missteps occurred, and how can FIs refine their strategies to better tackle scams? 


subscription wall for TS Pro

0 comments on “JPMorgan: Even the largest bank doesn’t get a break when dealing with fraud”

10-Q, Member Exclusive

Q4 2025 in Consumer Finance: Fintechs move from user counts to dollars per engaged customer

  • Block’s Q4 2025 earnings drew attention as much for the story behind the numbers as for the numbers themselves. Chime’s Q4 2025 results emphasized growth, credit expansion, and ecosystem depth.
  • Block’s structural shift and Chime’s measured ecosystem expansion raise broader industry questions that go beyond individual company performance.
Sara Khairi | March 09, 2026
BNPL, Member Exclusive, Who owns the customer

Affirm’s full-stack ambition is bigger than consumer finance alone

  • Affirm began 2026 on the front foot.
  • The recent moves by the BNPL firm point to an overarching strategy: expanding from consumer checkouts into B2B distribution and institutional control.
Sara Khairi | March 05, 2026
10-Q, Member Exclusive

Coinbase rides the waves of stress and opportunity with its ‘Everything Exchange’ vision

  • 'Everything Exchange' reflects Coinbase’s ambition to be a one-stop financial platform.
  • Outgrowing its crypto exchange roots brings Coinbase fresh regulatory, competitive, and market challenges.
Sara Khairi | March 02, 2026
BNPL, Creating win-win partnerships, Embedded Finance, Member Exclusive, SMB Finance

How embedded BNPL optimizes cash flow for SMBs: Inside the Intuit-Affirm partnership

  • The Intuit-Affirm partnership embeds BNPL directly in QuickBooks invoices, transforming accounting into a real-time decision layer.
  • In the new fintech partnership model, platforms manage workflows and customers while specialists handle the decision layer to drive scalable results.
Sara Khairi | February 26, 2026
10-Q, Member Exclusive

Banking: AI, automation, and the rise of digital-first scale

  • From AI agents at Goldman to automation at Truist and lean growth at Nubank, the contours of a modern banking model are emerging.
  • Banks are rethinking human-machine cooperative roles and new ways to scale.
Sara Khairi | February 23, 2026
More Articles