January 2025

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Top 4 scams targeting young adults

Young adults (ages 20-29) fall victim to more scams and fraud than any other age group.

How to get free credit reports

Checking your credit history regularly helps catch scams and identity theft early.

Events

We explore a new topic every month in our consumer financial education webinars and attend in-person community events each week.

Protect Yourself from Romance Scams

Feb. 5, 12 – 1 p.m. | Virtual

Learn about the tactics used by scammers, red flags to watch for, and practical tips to stay safe in the digital age. Guest Speaker: Sallie Kim, Supervisory Counsel at U.S. Securities and Exchange Commission. Register online.

Upcoming Community Events

Jan. 31: Senior Scam Stopper with CA Senator Susan Rubio | Montclair

Feb. 22: Tacos and Taxes Financial Fair | Fremont

For more events happening in your community, visit our events calendar.

DFPI News & Updates

As of Dec. 31, 2024, Chief Deputy Commissioner KC Mohseni has been designated by Governor Gavin Newsom as DFPI’s Acting Commissioner.

Consumer Alerts & Enforcement Actions

• Bayview Asset Management Enforcement Action – We announced a coordinated action against mortgage company Bayview Asset Management LLC, and three of its affiliates, for deficient cybersecurity practices and for not fully cooperating with state regulators following a data breach that impacted 5.8 million customers. The settlement includes a $20 million fine and corrective plan.
• SALT Lending Restitutions – We announced a consent order with SALT Lending LLC to resolve our investigation of its crypto-backed lending program. We secured approximately $162,800 in borrower refunds, $137,500 in penalties, and other consumer protections.

According to the Federal Trade Commission (FTC), reported losses to job scams increased more than threefold from 2020 to 2023. Driving this trend are reports about gamified job scams, or task scams. These scams ask you to do simple repetitive tasks such as liking videos or rating product images. Your “job” is to complete these tasks in an app or online platform that creates the illusion you’re racking up commissions with every click. At some point, scammers will require you to make a deposit to complete your next set of tasks and get your “earnings” out of the app. This is likely a scam, and you won’t get your money back. Learn more about gamified job scams and how to protect yourself from the FTC.