Smarter Consumer Protection

Q: Capital One has called for an "all-of-society" approach to combating financial crimes. What does that look like in practice
The reality is, each of us only has one piece of the puzzle. Scammers reach people through social media, they text through telecom carriers, and they collect money through financial institutions. No single company can see the full picture to stop it on their own.

That's why we need telecoms, social media companies, government, law enforcement, and financial institutions working together. When all the key players are coordinating and sharing patterns, we can spot threats faster and close gaps before criminals exploit them.

Right now, data-sharing can be difficult because of privacy and legal constraints. But if regulators can create clear frameworks that make responsible sharing possible, we can get to a much better answer, much faster.

I like to think of scam prevention like a hockey game: we are the goalie, and the fewer shots we can prevent from being taken, the fewer will get past us.

Q: Are there specific things consumers can do to protect themselves from being targeted by these criminals?
You can't prevent being targeted, but you can take steps to avoid becoming a victim.

Start with awareness. Read the newsletters and alerts your bank sends. They're based on real scams happening right now.

Most importantly, slow down. Scammers rely on emotion: fear, urgency, and panic. If something feels off, take time and verify it. Look up the organization's real contact info and call them directly. Never click on links or use phone numbers in unsolicited messages. If someone pressures you to act fast or pay with gift cards, that's a major red flag.

At Capital One, our systems are built to help protect customers even in those moments. If we're confident a merchant is fraudulent, we'll block the transaction. If we see something that looks off - like a large gift card purchase - we might pause it and have an agent call the customer to talk through what's happening.

Q: How do Capital One associates support customers who have been targeted?
It's one of the most important pieces of what we do.

Our frontline agents aren't just trained in fraud detection - they lead with emotional intelligence. When scammers have someone on the hook, that person is often in a highly emotional state. They might believe a loved one is in danger, or that they'll be arrested if they don't pay immediately.

Our agents are trained to help customers calm down, think clearly, and step out of that emotional pressure. They use empathy, patience, and clear communication to guide customers so they can make informed decisions.

It's not only about tools or technology. It's about human connection, meeting people where they are, and helping them through what's often one of the most stressful moments of their financial lives.