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Third of Bank Customers Hit by Fraud

Third of Bank Customers Hit by Fraud

Posted: May 31 2023
More than one in three U.S. bank customers say they have been victims of financial fraud in the past 12 months, according to a new survey by J.D. Power. The types of fraud reported include unauthorized credit or debit card usage, P2P scams and sending money to someone posing as someone else. Customers with lower financial health scores experienced fraud more often than customers with higher scores.

Half of customers under age 40 have experienced fraud in the past year. Younger customers are more likely to engage in electronic transfers and, as a result, are more likely to trust online requests for payments, according to J.D. Power. “That has left many customers eager for answers from their bank, hoping for a quick resolution to the fraud in question,” the firm said.

The survey also found no noteworthy change in bank customers’ overall financial health since the start of the year. More than one-third (34%) of respondents were financially healthy in April while 41% were vulnerable—roughly the same percentages as in January.
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