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Banks, crypto firms and telecoms tell Little Hoover Commission they can help stop scams if California improves data sharing and legal clarity
Summary
Executives from JPMorgan Chase and Coinbase, along with the Industry Traceback Group and the California Bankers Association, described investments in fraud detection and tracing, and urged state policies to standardize reporting, enable responsible information sharing and remove legal barriers to faster intervention.
SACRAMENTO — Banking, cryptocurrency and telecom witnesses told the Little Hoover Commission on Friday that private industry has developed technical tools to detect and trace scam activity but that those tools are most effective when paired with clearer legal authority and faster cross‑sector information sharing.
Darius Kingsley, managing director and head of consumer banking practices at JPMorgan Chase, said the firm has expanded its fraud detection and prevention teams and uses 24/7 monitoring and advanced analytics to stop suspicious transactions. He said banks file currency transaction reports (CTR) and suspicious activity reports (SAR) to FinCEN and that federal law enforcement sometimes acts on those reports, but most filings do not generate immediate…
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