Americans are worried about AI-powered fraud, but many also trust AI to help stop it

Fraud is a particular concern among Americans age 65 and older, with 69.9% extremely or very concerned.

62% of fraud victims would still be likely to minimize their banking relationship (e.g., reduce use of a card or reduce accounts) if they became fraud victims.

51.4% of consumers say they “need to learn more” about AI-powered fraud detection.

81.6% of fraud victims were satisfied with their bank’s response to combat fraud.

64.1% of Americans are no longer writing cheques.

Nearly 60% of consumers are either “extremely” or “very” concerned about AI-based fraud.

More than 43% of Americans say AI-powered fraud detection would increase their confidence in their financial institution.

Among digital payments providers, PayPal is the most trusted, with 54.5% of consumers.

Over 83% of consumers have concerns about AI-powered fraud.

Only 10.1% of consumers feel “extremely prepared” against emerging fraud techniques, such as AI-based attacks.

Only 34.1% of Americans feel “very safe” with their current bank or credit union

For younger age groups, 55% to 57% are extremely or very concerned about fraud.

Nearly 72% of Americans are either “somewhat,” “very,” or “extremely” interested in AI-powered fraud detection tools.