Scams that exploit VA benefits or relate to bogus veteran charities and pension poaching are designed to steal your money and identity. Join this webinar to learn how to protect yourself, support your community, and confidently access the benefits you’ve earned.
On March 20, DFPI Chief Deputy Commissioner Suzanne Martindale testified before the Assembly Banking and Finance Committee, where she heard harrowing stories from survivors of the 2025 LA wildfires. Their testimony continues to drive the Department’s commitment to supporting LA’s rebuilding and financial recovery efforts. Learn more about how we’re supporting people affected by the fires.
Korean Senior Scam Prevention Workshop
On March 7, Sally Westlake, DFPI Outreach Specialist, gave a Protect Yourself from Fraud presentation at a Korean Senior Scam Prevention Workshop hosted by Senator Steven Choi (SD37) in Buena Park, CA. To schedule a presentation, email us at outreach@dfpi.ca.gov.
Application Portal Open for Crypto Company Licensing
DFPI has taken an important step to strengthen protections for the many Californians who use crypto. We’ve launched a new online portal where crypto companies can apply for a license under the Digital Financial Assets Law (DFAL). By July 1, any company offering certain crypto‑related services to Californians must submit a DFAL application to continue operating. Licensing helps ensure that these companies have sound financial practices, strong anti-fraud safeguards, and effective cybersecurity standards. Collectively, this can help keep your crypto transactions safer and help root out illegal activity.
Image: Savannah Hastings, IRC’s primary student loan counselor, is committed to ensuring that borrowers receive the support they need to manage their student loans effectively and make informed financial decisions.
International Rescue Committee (IRC) of Sacramento provides student loan counseling through the grant-funded Student Loan Empowerment Network (SLE Network), a group of community-based and legal aid organizations that provide free assistance to Californians struggling to understand and pay off their student loan debt.
“Savannah went above and beyond to provide me with the guidance and support I needed. Her deep knowledge of student loans, patience, and ability to break down complex information made a huge difference in my understanding of repayment options and financial strategies.” – Troy Williams, IRC client
Since joining the SLE Network in 2024, IRC has assisted 270 Californian student borrowers navigate the complex student loan system by helping them find affordable payment options and apply for and receive credit toward student loan forgiveness. IRC’s efforts have resulted in average monthly payment savings of $612 per month for borrowers and $1.3 million overall reduction in student debt. During the 2024-26 grant cycle, two IRC clients achieved full loan forgiveness, resulting in a combined debt reduction of $275,666.
IRC takes a proactive approach to community engagement, working with the Sacramento Libraries, and other nonprofits like the Greater Sacramento Urban League, to integrate student loan counseling with financial counseling. They connect clients with additional community resources, including referrals to homebuying programs and connections to safe and affordable banking products that support long-term financial stability. To connect with a student loan counselor like Savannah, contact the Student Loan Empowerment Network or call 888-774-2227.
Consumer Alerts & Enforcement Actions
WhatsApp Groups Posing as Licensed Broker-Dealers – We issued a Consumer Alert about two WhatsApp groups — Freckie Capital and FRK Strategic Partner VIP3 — falsely posing as licensed broker-dealers and urging consumers to download a fraudulent app called “Bosonic.” Bosonic Securities, LLC, a California-licensed broker-dealer firm, is not associated with these WhatsApp investment groups or the Bosonic app.
Consumer Success Story
With DFPI’s help, Alice received a full refund for the property appraisal she should never have been asked to pay for.
California Senior Gets Her Money Back with DFPI Help
Alice*, a Downey, CA resident, contacted her mortgage company to access cash through a reverse mortgage. The mortgage representative assured her that she qualified for a cash-out, but she needed a home appraisal first. She paid $795 for the required appraisal — then the mortgage company stopped returning her calls. Thankfully, Alice had recently attended a senior fraud prevention workshop and remembered that she could submit a complaint with the DFPI. Our consumer services staff contacted the mortgage company to investigate the delay. The company admitted that Alice did not qualify for the funds under its program guidelines and agreed to refund the appraisal fee. Read the full story.
*A pseudonym is used for privacy.
Spot the Bot – Artificial Intelligence (AI) tools are becoming more common in everyday life, and unfortunately, scammers are using them too. They use AI to make their lies appear more real and believable. AI fakes are used in many types of scams, from romance to investment, crypto, and even schemes claiming to be tech support. The technology may be fake, but the losses are very real. Learn How to Spot an AI Scam from the U.S. Postal Inspection Office Service.
KC Mohseni Commissioner of Financial Protection and Innovation
California Department of Financial Protection and Innovation, 651 Bannon Street, Suite 300, Sacramento, California, 95811
