Bankrate’s financial fraud investigation shows that the biggest increase in Americans who are prey to financial fraud is younger people. Gen Zers (ages 18-28) and millennials (ages 29-44).
Sixty-eight percent of Americans said they were victims of financial fraud or fraud throughout their lives, with 34% saying they tried to access personal or financial information last year or sent funds to fraudsters personally.
Of the Americans who have been scamned over the past year, nearly two in five have lost their money (37%). This includes 19% who lost money when someone accessed their personal information and 23% who sent funds to scammers or paid for fake services.
Most Americans (90%) who have faced fraud and fraud in the past 12 months say they have tried to access or access personal financial information such as bank accounts, credit cards and social security numbers. However, over half (57%) said these attempts were unsuccessful.
Bankrates portray young people with text messages such as “You’ve won a prize,” or individuals portraying themselves as recruiters, paying, investment schemes, meme coins, and even the threat of keeping their loved ones hostage.
“These frauds haven’t stopped, they’re actually getting worse,” said then Florida Attorney General and now U.S. Senator Ashley Moody.
Consumers have taken action to protect themselves from fraud.
The results showed that 89% of respondents updated their passwords, enabled two-factor authentication, clicked suspicious links, set up spam filters, monitored financial accounts, checked credit reports, searched for common spam information, reported suspicious activity, or shredded sensitive documents.
