The news: Bank of America (BofA) will significantly expand its in-person fraud prevention education program by hosting 1,000 additional "Scaminars" through the end of 2026, per a press release. The free seminars are designed to educate consumers on common fraud tactics, emerging scams, red flags, available resources, and how to respond if they become victims.

Zoom in: BofA is partnering with local law enforcement, retirement communities, and chambers of commerce to extend its reach for this initiative, bringing the total number of scam and fraud prevention seminars to 2,500.

The initiative also reflects a broader industry challenge: Many of the fastest-growing scams rely on consumers voluntarily sending money after being manipulated by fraudsters. Because victims often authorize the transactions, recovering lost funds can be difficult. That incentivizes banks to invest in education and awareness efforts that help stop fraud before it occurs rather than focusing solely on detection and reimbursement.

Why this matters: BofA's expanded Scaminar program highlights how fraud prevention is becoming a competitive differentiator rather than simply a risk-management function. 

And by offering free, in-person education—particularly to populations more vulnerable to scams, such as older adults—the bank positions itself as an advocate for customers' financial well-being and associates itself with active fraud prevention. Customers who feel informed, protected, and supported are more likely to view their bank as a trusted partner, which strengthens loyalty and improves retention.

The scaminars also function as a marketing tactic, as approximately a quarter of consumers prioritize fraud prevention when choosing where to bank, according to EMARKTER’s October 2025 survey.

Implications for banks: The initiative raises the competitive bar for other financial institutions, which may face pressure to offer—and advertise—similar educational resources and enhanced fraud-prevention capabilities. 

If successful, the strategy could also encourage other banks to view fraud prevention as a customer acquisition, retention, and brand-building opportunity.

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