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”

Banking as a service, Embedded Finance, Member Exclusive

A closer look at Citi’s strategy for growing its TTS business in the 2025 BaaS landscape

  • Citi continues to build infrastructure through API-driven solutions and deeply integrated partnerships — a strategy that has proven to be a reliable growth engine and a core pillar of the bank’s long-term vision.
  • We look at how its Treasury and Trade Solutions (TTS) division is playing a central role in expanding the bank’s footprint in Banking-as-a-Service (BaaS).
Sara Khairi | July 10, 2025
Artificial Intelligence, Banking, Member Exclusive

How Bank of America cracked the code on AI adoption by making Erica indispensable to both customers and employees

  • Bank of America transformed its customer chatbot Erica into an employee productivity powerhouse, achieving 50% IT service desk automation by strategically targeting common pain points and building adoption incrementally over five years.
  • Learn the adoption secrets behind getting 90% of employees to embrace AI tools, including how Bank of America overcame the adoption hump and integrated generative AI with 25 proof-of-concept projects now entering production.
Rabab Ahsan | July 08, 2025
Embedded Finance, Member Exclusive

KeyBank deepens its collaboration with Qolo, modeling how banks can build deeper fintech partnerships

  • The KeyBank-Qolo alliance reflects an evolution in how banks and fintechs can co-create value through deeper integration.
  • We break down their partnership mechanics and what makes it effective.
Sara Khairi | July 03, 2025
10-Q, Member Exclusive

With its historic asset cap lifted, what exactly does Wells Fargo plan to do with its regained freedom?

  • In early June 2025, Wells Fargo finally saw the infamous asset cap lifted.
  • What did it take for Wells to reach this turning point? And how does it plan to make the most of its second chance?
Sara Khairi | June 30, 2025
10-Q, Member Exclusive

Wise goes West: Why the London fintech star is headed for a US stock exchange, and what it signals about global capital markets

  • Wise announced it plans to shift its primary stock listing to a US stock exchange, a move both strategic and symbolic that underscores tectonic shifts in the global listings landscape.
  • Wise’s decision is less about location and more about evolution. And London, for now, remains a proud hometown - but a second choice.
Sara Khairi | June 16, 2025
More Articles