Tech support scams are becoming extremely sophisticated, costing consumers millions of dollars each year. But you don’t need to be a tech genius to protect yourself. Join this webinar to learn how these scams work, recognize key red flags, and protect your personal and financial information.
Join us, in partnership with AARP California, for Scam Chat Wednesdays, throughout August. This popular annual series features weekly virtual sessions packed with expert insights, real-world scam alerts, and smart tips to help protect your money, identity, and peace of mind.
On July 1, Governor Newsom swore in Rohit Chopra as Secretary of the newly established California Business and Consumer Services Agency (BCSA), created to strengthen the state’s efforts to protect consumers, support small businesses, and promote a fair, competitive economy. Learn more.
Outreach Event of the Month
DFPI Targeted Outreach Director, Kue Lee, gave a senior scam prevention presentation at Twin Oaks, a 55+ adult community in Hollister. To have the DFPI provide a presentation at your event, email us at outreach@dfpi.ca.gov.
Student Loan Empowerment Network Wraps Up
The Student Loan Empowerment Network (SLE Network) concluded its borrower assistance services in June. Since 2024, it has provided Californians with free, individualized education, case management, and legal assistance related to student loans. The grant-funded network brought together 14 nonprofit organizations across the state to help borrowers navigate a complex and ever-changing student loan landscape. You can access the student loan information and resources developed by the SLE Network on our Student Loans page.
SLE Network highlights:
Assisted thousands of borrowers to find sustainable repayment plans, work toward Public Service Loan Forgiveness, and avoid default and other major financial setbacks.
Facilitated millions of dollars in debt discharge or cancellation.
Expanded nonprofit capacity to support consumers through training programs and peer networks.
California Crypto Company Licensing
Starting July 1, companies offering crypto-related services must now have a Digital Financial Assets Law (DFAL) license application submitted to the DFPI to do business in California. Licensing helps ensure crypto companies meet strong standards for financial stability, fraud prevention, and cybersecurity. These protections strengthen our oversight of the crypto marketplace and help keep Californians’ digital financial transactions safer.
Consumer Alerts & Enforcement Actions
DFPI Cracks Down on Financial Firms Charging Excessive Commissions – When financial companies overcharge customers, DFPI takes action. We’ve ordered five companies, Edward Jones, LPL Financial, RBC Capital Markets, TD Ameritrade, and Stifel, Nicolaus & Company to return $1.3 million to Californians who were charged excessive commissions on small transactions.
DFPI Secures $7M for 3,000 Victims of California Land Investment Scam – We have another win for California consumers! The DFPI has secured $7 million in restitution for nearly 3,000 consumers—many from the Filipino, Chinese, and Hispanic communities—for a land investment scam known as the Silver Saddle scheme. Affected investors may soon receive checks in the mail.
Consumer Success Story
No, I Did Not Buy That iPad!
Scammers find clever ways to take advantage of consumers – and sometimes, their tricks aren’t discovered until it’s too late. That’s what happened to Santiago* in Concord, CA, when he found that his computer had been hacked. Before he realized what had happened, a scammer used his account on a popular payment app to buy an iPad for more than $2k! See how our Consumer Services team stepped in and got Santiago a full refund. Read more.
*A pseudonym is used for privacy.
A new phishing scam imitates those CAPTCHA requests that ask you to click on pictures like fire hydrants or traffic lights to prove you’re not a robot. The image looks a lot like a regular CAPTCHA, but the message will ask you to type a series of commands, then click “Enter.” Following these steps, it runs malware on your device that allows scammers to steal your personal information. For more, see How to Spot a CAPTCHA Scam from the Federal Trade Commission.
KC Mohseni Commissioner of Financial Protection and Innovation
California Department of Financial Protection and Innovation, 651 Bannon Street, Suite 300, Sacramento, California, 95811
