At the beginning of a JPMorganChase-sponsored panel during the 2025 National Association of Black Journalists (NABJ) convention, Washington Post personal finance columnist Michelle Singletary asked participants to raise their hands if they’d ever received a suspicious text message about a job offer.

About half the room lifted their hands. Then she kept going.

“If you’ve gotten one of those ‘you owe a toll’ texts but you don’t even have a car? What about crypto? What if you’ve gotten something from Zelle from your bank and you don’t even have a bank? What about a bill? A package coming from Federal Express?”

By the time she finished the list, every hand was in t

On Aug. 7, Singletary joined other experts from the financial and security sectors for the NABJ luncheon panel discussion, Safeguarding Consumers Against Fraud and Scams in the Digital Age, in Cleveland, Ohio. The panel was organized to help educate journalists from across the U.S. about the evolving landscape of fraud and scams so they can in turn raise awareness among their viewers, listeners and readers.

In 2024, the U.S. Federal Trade Commission received complaints totaling $12.5 billion lost to scams or fraud. Globally, $485.6 billion was lost to scams or fraud, according to Nasdaq. A Bankrate.com study also reported that one in three Americans faced a scam during the last 12 months, and an FBI cybercrime report recorded $16 billion lost to fraud or scams in 2024.

“This issue impacts all of us, whether you've been directly scammed or you know someone who has,” Singletary said. “This is the financial pandemic we’re dealing with today.”

Fraud vs. scam: What’s the difference?

Both frauds and scams are “terribly invasive,” said Diedra Porché, national head of community and business development at JPMorganChase. “You’ve lost money in some form or fashion.”

Even though both involve invasions of security and privacy, fraud and scams have some key differences. With fraud, someone illegally accesses your information or your account to move your money around. Scams take place when someone has duped, tricked or manipulated you into providing personal information so they can gain access to your funds.

Another key identifier of a scam is impersonation, noted Sheryl Harris, director of the Cuyahoga County (Ohio) Department of Consumer Affairs. A scammer will often pretend to be a representative of a bank, government agency, law enforcement unit or other outside party when they contact you by phone, text or email. They might tell you something bad is happening with your account or to a loved one and try to scare or coerce you into quickly giving them money to fix the “problem” or help your loved one. Once you’ve given them your funds, they’ll disappear – and you’ll learn there was never an issue at all.

Toni Pietrocola, president of AI cybersecurity company AgileBlue in Cleveland, warned attendees about the growth of AI scams as well. Scammers/fraudsters can gather information from social media profiles, including voices, and create a voice call, email or text from a loved one, boss or other associate asking for financial or other personal information. The information gleaned from social media might make the request feel more real, even though it too is a scam.

Ways to stay safe

Porché also emphasized how people of all ages can be victimized. Younger people might be targeted by scammers claiming to offer a job and asking for financial information to pay for a background check or work attire. Scammers might also reach out to college students at the beginning of the year offering discounts on books if they send money to a certain account.

“Just be aware new scams are happening all the time, so always verify the source and reach out to someone trusted to make sure it’s valid,” Porché said.

Other tips from panelists included using two-factor identification to log into financial accounts, avoiding

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