Financial Services Fraud Statistics

65% of internal audit leaders identify fabricated invoices or financial documents as a leading AI-enabled fraud threat.

38% of consumers worry most about financial fraud.

AI fraud surged 1210% in 2025.

A U.S. healthcare provider faced over $40 million in account exposure related to fraudulent AI bot calls in 2025.

Fifty percent of affected consumers cite immediate financial fraud as their primary fear, and 54 percent of consumers report an increase in targeted phishing attempts after a breach (2025)

In Q3 2025, SMS toll fraud targeting the fintech sector grew by 97%, alongside a major spike in human fraud farm activity.

23% of UK consumers cite fraud detection and prevention as the most positive impact of AI in banking in 2025.

48% of UK consumers express concern about the risk of fraud or identity theft related to AI in banking.

92% of decision-makers in the financial services industry reported that their organization's fraud prevention efforts have helped them grow the business.

63% of senior-level fraud decision-makers in the financial services industry indicated that fraud losses are underreported.

27% of organizations in the financial services industry spend greater than 15% of their annual budget on fraud prevention.

82% of organizations in the financial services industry stated they have increased their investment in AI-driven fraud prevention technologies.

84% of decision-makers in the financial services industry reported that fraud prevention has resulted in higher rates of customer satisfaction.

22% of financial services industry organizations reported losing over $5 million in direct fraud losses in the past year.

36% of fraud events in the financial services industry were attributed to organized fraud rings, while 29% were attributed to customers intentionally stealing money.

Fraud in mobile banking rose by 7% year over year, while fraud in online banking dropped by 16%.

67% of senior-level fraud decision-makers in the financial services industry in the U.S. reported that fraud events continue to rise.

91% of decision-makers in the financial services industry reported that more financial crimes are being committed with AI technology.

44% of organizations in the financial services industry ranked synthetic identity fraud as the top fraud type tracked.

46% of respondents reported that up to 75% of banking identity verification processes are currently automated.

38% of banks expect their identity verification budgets to grow by 21-50% in the coming years.

76% of banks and 78% of fintech companies reported needing more personnel to manage fraud risk effectively.

30% of banks reported that they face synthetic identity fraud, which blends fake and real personal data to bypass verification.

In 2025, the sectors most affected by fraud included online media & dating (6.3%), financial services (2.7%), and crypto (2.2%).

40% of fintech companies reported that onboarding is the core fraud battleground, highlighting the importance of this stage in fraud prevention.

26% of banks and 32% of fintech companies reported facing cases where users presented counterfeit or altered documents.

71% of banking respondents indicated that fraud prevention is a priority for their organization.

Sign-up fraud traffic in the Fintech sector escalated to 17 times the industry average.

Adoption of multi-factor authentication (MFA) in fintech is projected to increase from 23% to 31%.

25% of traditional banks rate their fraud prevention as significantly ahead of competitors..

52% of fintechs are evaluating AI-powered fraud detection tools.

33% of banking respondents are evaluating AI-powered fraud detection tools.

38% of fintechs rate their fraud prevention as significantly ahead of competitors..

Over 61% of organizations that have lost money in a deepfake attack reported losses in excess of $100,000.

Nearly 19% of organizations that have lost money in a deepfake attack reported having lost half-a-million dollars or more.

55% of organizations targeted by deepfake attacks suffered financial losses averaging more than $280,000.

Mean financial losses for organizations targeted by deepfake-related incidents stand at over $280,000.

Over 5% of organizations targeted by deepfake-related incidents have lost $1 million dollars or more.

Financial transaction fraud remained low across all African markets, ranging from 0.2%–0.9%, significantly below the 2.7% global average.

Financial services globally experienced a suspected fraud attempt rate of 3.3% in H1 2025.

For transactions in the Dominican Republic, the financial services sector reported the highest suspected fraud rate at 18.2%.

Among scam victims, 22% lost money.

27% of individuals whose online bank accounts have been hacked experience victim blaming.

80% of consumers are open to using banking or payment apps for security.

A 340% increase in financial scams was reported in Q2 2025.

The risk of being targeted by a financial scam increased 3-fold from April to June 2025.

Zelle transactions were accompanied by a 34% rise in attempted fraud in 2024.

Zelle transactions saw a 26% increase in value in 2024.

Scams are still the method of choice across 57% of attempted fraud transactions.

67% of all fraud is linked to just 7% of payments made to newly added payees

From 2023 to 2024, fraudsters' focus shifted back slightly towards Account Takeover (ATO) Fraud from Scams in terms of overall value of attempts.

The value of attempted fraud for international wires surged 40% in 2024.

In 2024, the total value of international wire transactions declined 6% year over year.

From a volume perspective, there was a slight shift towards Scams to 52% in 2024 vs. a 50/50 split in 2023.

21% of impersonation scams impersonated a financial institution.

Retail fraud doubled, with the sector experiencing an average of one fraud attempt in every 127 calls in 2024. This is five times higher than financial institutions.

Banks experienced a +149% rise in synthetic voice attacks in 2024.

Over half of scam victims (52%) suffer financial loss or fraud.

68.8% of decision-makers at financial institutions rank first-party fraud as their second-greatest challenge.

80% of respondents said they would be willing to spent more time compelting comprehensive identity verification processes in banking and financial services.

80% of respondents said they would be willing to spent more time compelting comprehensive identity verification processes in banking and financial services.

74% of small business owners are more likely to reduce their banking engagement, such as credit card use or bank use, if defrauded.

85% of small business owners report satisfaction with their bank or credit union’s response to fraud.

Global Financial Services firms saw an 18% uplift in automated bot attacks.

89% of banks prioritise explainability and transparency in their AI systems.

Two-thirds of banks have integrated AI within the past two years.

AI is used for scam detection by 50% of financial institutions.

92% of the financial institutions surveyed indicate that fraudsters use generative AI.

Forty-three percent (43%) of financial professionals report increased efficiency within fraud teams due to AI

Only 8% of financial institutions noted that they do not see GenAI being used by criminals.

90% of financial institutions are combating emerging fraud with AI-powered solutions.

44% of financial professionals report that deepfakes are used in fraudulent schemes.

87% of banks cite data management as their biggest hurdle in AI implementation.

AI is used for transaction fraud detection by 39% of financial institutions.

AI is used for anti-money laundering efforts by 30% of financial institutions.

56% of financial professionals cite social engineering as a significant tactic powered by AI.

Nine in ten banks are already using AI to detect fraud.

59% of financial professionals cite SMS and phishing scams powered by AI to deceive victims.

60% of financial professionals recognise voice cloning as a major concern.

More than 50% of fraud is driven by artificial intelligence and hyper-realistic impersonations.

4 of 5 (83%) financial fraud claims began with email.

47% of financial technology decision-makers surveyed said their company does not regularly train employees on fraud and cyberawareness, leaving these firms more vulnerable .

Financial fraud remained the most common incident type, accounting for 32% of all claims.

93% of digital banking Americans indicated that protecting data from financial fraudsters and hackers was important or very important to them.

More than half (56%) of consumers in Indonesia identified having better fraud detection systems as the most important action banks can take to protect them from scams.

70% of Indonesians stated they would view their bank more positively if it intervened in real time to prevent a suspected scam payment

94% of bank CEOs, senior executives and directors reported that their bank or its customers have been directly affected by check fraud over the past 18 months.

69% of bank CEOs, senior executives and directors said fraud was a top risk for their institution.

More than half of bank CEOs, senior executives and directors focus on staff education and training to combat fraud.

More than half of bank CEOs, senior executives and directors say they maintain communication with customers about potential threats.