Featurespace collaborated with PYMNTS Intelligence to interview 10,103 consumers across the US to examine the impact of scams on consumers and the critical role financial institutions (FIs) play in protecting their customers.
3 in 10 US consumers or their household have lost money to a scam in the last five years.
Identity theft is the most common type of scam affecting 24% of victims who have been financially impacted by scams in the last five years.
Scam victims lose an average of $545 with more than three in ten losing between $1,000 and $9,999 and 12% suffering over $10,000 in losses.
Seven in ten (69%) consumers who report a scam to their bank recover a portion of lost funds, with three quarters (74%) of those who claim from their credit card company recouping some of their losses.
Over half (55%) of scam victims state their mental health was affected as a result of the scam.
Over half (54%) of scam victims consider switching their financial provider afterward with 30% going on to do so.
59% of scam victims say enhanced fraud detection and monitoring technologies are the most important safeguard to tackling fraud and financial crime.
"Some people who suffer a significant financial loss can go into a trauma response. They may lose trust in people or institutions and then have to reestablish those boundaries and slowly grow their confidence back."
Dave Excell
Founder, Featurespace
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