SACRAMENTO – As October marks National Cybersecurity Awareness Month, the California Bankers Association (CBA) is urging state leaders to make fraud and scam prevention a top priority in the 2027 legislative session at a time when the sophistication of financial fraud schemes targeting individuals and institutions is growing across California.

"Frauds and scams don't start at the bank. They start with a fake ad, a spoofed call, a text, or a fraudulent profile. By the time a payment reaches a bank, the deception has already worked," said CBA President and CEO Kevin Gould. “We are asking for a policy environment that acknowledges the complexity of modern fraud and enables all stakeholders — industry, law enforcement, and consumer organizations — to work more effectively together."

CBA is encouraged by growing momentum for that approach. The Little Hoover Commission's May 2026 report, requested by more than 20 legislators, recommends a statewide "scam czar," a joint legislative committee, a single reporting portal, and clearer responsibilities for banks, telecommunications companies, and technology platforms. Governor Newsom's Countering Tech-Enabled Fraud Taskforce, which CBA is honored to participate in, is bringing industry, law enforcement, and consumer advocates together on best practices, data sharing, and victim support.

The FBI reports nearly $21 billion in cyber-enabled fraud losses nationwide in 2025, up 26% from 2024, and California continues to lead the states in complaints and reported losses. Since 2020, Californians have filed more than 723,000 fraud reports with the FTC, with losses above $3.3 billion, according to the Little Hoover Commission. Older Californians lose the most when targeted: the median 2025 loss was $2,500 for those 80 and older, versus $166 for those 19 and younger.

As Cybersecurity Awareness Month underscores, consumers remain the first line of defense against many financial scams. For more information on how to protect yourself from fraud and recognize common scams, visit the American Bankers Association's resource site at BanksNeverAskThat.com.

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