Fraud Risks

Banking Industry

  • Financial institutions lost over $2.2 billion to fraud.
  • One dollar of fraud costs Financial institutions approx $2.92.
  • 200% increase in fraudsters shifting money from consumers' existing financial accounts into new accounts.
  • Account takeover tripled with 1 in 8 new account being fraudulent.
  • New account fraud increased by 70%.


  • 38% incease in fraud with 2.5 million victims losing nearly $1.5 billion.
  • Consumers lost $488 million to imposter scams.
  • 6.5 billion consumer fraud attacks.
  • 69% of consumers are concerned about fraud, a 18% increase from the previous year.
  • Consumers said they lost nearly $1.48 billion in fraud.
  • 33,000 Americans had unresolved identity theft issues.
  • 96,000 ID victims borrowed money from family and friends to pay bills.
  • 16 hours on average to fix a fraud / ID theft incident.
  • Average cost of an attack for a company with 10 - to 24 employees was $38,437.

People trust their financial institution.

Today, most believe that only their financial institution can protect them from fraud scams and identity theft. In this new era of online fraud, consumers are more fearful than ever about their identity being stolen and used illegally, damaging their credit and their future ability to secure loans or perform other vital financial transactions. As a result, consumers are trusting their financial institutions to improve their defenses against fraudulent actors looking to steal, sell and use their PII. Preventing fraud through awareness and education is important for a financial institution's reputation and future success.

Greater awareness will help people to stop making mistakes that could be easily avoided.

Consumer mistakes include:

Sharing too much on social media sites.
Opening links and attachments.
Failing to monitor online accounts.
Divulging information to scammers.

Reusing passwords & not using 2FA or MFA.
Failing to recognize compromised ATMs.
Failing to keep identity private.
Not taking the proper precautions using wi-fi.

Nobody wants to get scammed.

Woman: Majority of women feel falling victim to fraud is 'inevitable'.
Seniors: Seniors citizens risk loss of savings.
Millennials: Young people aged 18-25 are more likely to worry about the profile they share with their friends on social media than protecting themselves from becoming a victim of fraud.

93% believe their online actions can protect friends and family.
96% said they want to learn more about keeping safer online.
48% feel their actions to stay safe can have a positive impact.
90% feel a personal responsibility to be safer online.

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