Bank of America's latest anti-fraud weapon: the 'scaminar'

• Key Insight: Bank of America is teaching classes, which it calls "scaminars," on the red flags of scams and how to avoid them.
• Supporting Data: In the second half of 2026, the bank plans to host 1,000 of the seminars.
• Expert Quote: "This is not a one-off thing. They're going to have to do this continually because the rate at which fraud is changing has increased so dramatically." — Clark Frogley, former FBI investigator and head of fraud solutions at Quantexa.

Bank of America is using an old-fashioned method to fight fraud, but it has a new word for it. The method: in-person seminars. The word: "scaminars."

Between now and the end of 2026, America's second-largest bank plans to host 1,000 fraud prevention classes at its branches across the country. In the AI era, lessons taught in brick-and-mortar buildings may feel like a throwback, but BofA says the IRL approach has unique advantages.

"We think this personal connection really enables the client to digest what we're talking about, and also they can ask us questions as well," Jenn Ehresmann, BofA's head of consumer client protection, told American Banker. "We want our clients and our neighbors to trust us and learn from us, and so that's why the in-person discussions are really valuable."

BofA began rolling out the seminars last year, starting in small numbers to see if the public was interested. Since then, tens of thousands of people have attended the classes, and this year the bank plans to hold about three times as many seminars as it did in 2025.

BofA says the "scaminars" are just one of its many lines of defense against fraud, supplementing its online education efforts and other measures. The classes, which are free to attend, focus on the warning signs to look out for, the latest trends in common scams and, importantly, what to do after succumbing to one.

"Our goal is first of all to educate, and second of all to provide as many red flags as possible," Ehresmann said. "And we also want to build a relationship with our communities and neighbors, so that they feel comfortable if they do think … they've become a victim, they know that they can trust having the conversation with us."

Scams are a serious and growing problem in the U.S. Americans lost a total of $15.9 billion to fraud in 2025, according to the Federal Trade Commission, up from $12.5 billion in 2024 — and that's only what's reported. The FTC estimates that the true total is much higher.

And as scammers make use of artificial intelligence, experts say, their crimes are quickly growing more effective.

"AI is behind the increase that we're seeing today, almost certainly," Clark Frogley, a former FBI investigator and the head of fraud solutions at the data analytics company Quantexa, told American Banker. "It's become more sophisticated, it's changing more rapidly, it's much more realistic."

For his part, Frogley believes BofA's in-person seminars are a great way to prevent fraud — even if they're far from enough on their own.

"I think it's absolutely the right thing to be doing," Frogley said. "In fact, every bank should be doing this."

BofA is far from the only big bank to educate the public about fraud. Wells Fargo offers tips on its website about how to fend off scams, as does Capital One. JPMorganChase offers AARP's elder fraud prevention training to its employees, and recently donated $14 million to anti-scam organizations.

But to Frogley, there's something special about the "human element" of teaching anti-fraud lessons in person. The only trouble is, BofA will never finish updating the classes.

"This is not a one-off thing," Frogley said. "They're going to have to do this continually because the rate at which fraud is changing has increased so dramatically. They need to keep people apprised: What's the latest trend? What should you be looking for now? What are the red flags?"

But if the bank keeps the seminars going, in addition to all its other anti-fraud efforts, Frogley believes they will make a difference.

"I do believe it'll have an impact," he said. "Unfortunately, you've got to fight the fight on all fronts of the battle, not just one of them. So these seminars are great, but they're just one of Bank of America's approaches to fighting fraud."