Building a Safer Future Against Financial Crime

Fraudsters are getting smarter, faster, and more creative, and that means banks, regulators, and consumers all need to evolve, too. At Capital One, protecting customers from financial crime is about more than monitoring transactions. It’s about understanding human behavior, identifying trends, and building systems and partnerships that put people first.

We sat down with Chris Sparks, Head of Fraud and Disputes for US Card at Capital One, to discuss how the landscape of fraud and scams is shifting, the need for an “all-of-society” response, and how he’s helping consumers protect themselves from financial crime.

Q: All the reporting suggests fraudsters and scammers are getting savvier and more sophisticated. What are the biggest trends you’re seeing right now?
Scammers have become incredibly sophisticated and opportunistic.

One major trend is merchant scams, which are fake online stores that advertise heavily on social media, often offering prices that seem too good to be true. Scammers exploit current news cycles to make their ads believable. If a company is rumored to be going bankrupt, for example, they’ll create lookalike sites claiming to sell discounted products to lure people in. Customers think they’re getting a deal, but the goods never come, and the site disappears.

The other big category is relationship or imposter scams. These range from simple fake “EZ Pass” texts to complex, emotional schemes tied to current events. Right now, we’re seeing scams that reference government shutdowns, scammers will target anything that preys on confusion or fear.

The bigger issue is that scammers are no longer individuals operating in isolation. They’re organized, global networks that use technology, social media, and telecom systems to reach millions of people at once. That’s why we continue to call for an all-of-society approach to stopping them.

Q: How is Capital One staying on top of the changing scams landscape?
A few things give us an advantage in combatting financial crime.

We have over 100 million customers, which gives us an enormous early-warning system. When customers call us to report new scams, those insights go straight into our detection systems and education materials so we can respond in real time.

We also partner with peer institutions, law enforcement, and nonprofits to share what we’re seeing. We’ve joined efforts like the Better Business Bureau’s Scam Tracker, which we helped to develop, the Aspen Institute’s Task Force for Fraud & Scams, and the Global Anti-Scams Alliance, and we maintain direct relationships with the largest banks so that when one of us spots a trend, all of us can act quickly. We also work with the National Elder Fraud Coordination Center (NEFCC) to help law enforcement identify and disrupt large-scale scam operations that target older adults.

So, it’s not just about stopping individual scams; it’s about building a more coordinated defense.

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.

Q: What differentiates Capital One’s approach from other banks
A lot of institutions rely solely on customer education, which is important, but not enough. We take it further by investing in real-time technology, stronger merchant verification, and systems to block suspicious activity automatically. 

We are committed to continuing to invest more time, energy, and resources in scam prevention. 

We also work closely with law enforcement. Our partnerships have contributed to many investigations, which has led to taking financial criminals off the street. But that’s just part of it. The bigger goal is to stop the criminals behind these scams.

Because here’s the truth: this isn’t just about protecting customers’ money. The money stolen from scams funds larger criminal networks — the same ones involved in human trafficking and terrorism. Every time we stop a scam, we’re cutting off funding that fuels those operations. That’s why this work matters so much.

Q: What is the most rewarding thing about your work on the Capital One Consumer Protection Team?
I can’t think of a better way to Change Banking for Good. 
We’ve saved our customers billions of dollars, helping them live their best lives and feel secure. But it’s about more than money. When we all play defense together, we make the world safer for everyone.

Learn More
Visit capitalone.com/stopscams for scam prevention tips, education resources, and updates on how Capital One is working across industries to protect consumers from financial crime.

Chris Sparks is the Head of Fraud and Disputes for US Card at Capital One, where he leads enterprise initiatives that combine advanced analytics, technology innovation, and partnerships across law enforcement and industry to protect consumers from financial crime. A seasoned fraud prevention leader, Chris is passionate about building systems and strategies that keep customers safe and strengthen trust in the financial system.