RALEIGH, N.C. — Fraud concerns among Americans are increasingly split along generational lines, with younger consumers more worried about deepfake and peer-to-peer payment scams while older Americans are more focused on impersonation schemes, according to a new survey and analysis by Abrigo.
Abrigo said the findings suggest financial institutions need more targeted fraud-prevention strategies instead of relying on a one-size-fits-all approach.
“This data tells financial institutions that fraud strategy can no longer be one-size-fits-all,” Jay Blandford, CEO of Abrigo, said in a statement. “Younger customers need protection that moves as fast as the platforms they use. Older customers need protection that accounts for how authority and trust get exploited.”
The Findings
According to Abrigo:
- 39% reported being victims of fraud, while 20% said they experienced bank fraud within the last year.
- 59% of fraud victims reported stress or anxiety as a direct result of the experience
- Nearly 60% said they would reduce their banking relationship following a fraud incident.
- 42%, said banks are primarily responsible for fraud protection
- 79%, support government legislation addressing fraud.
The survey found younger consumers are particularly concerned about digital scams and real-time fraud threats.
Additional Findings
- 53% of consumers ages 18 to 24 and 55% of those ages 25 to 34 expressed concern about deepfake scams.
- Peer-to-peer payment fraud concerned 43% to 44% of consumers under age 35.
- Among consumers ages 25 to 34, 51% said banks should always reimburse fraud victims.
Concern Among Older Americans
Older Americans showed greater concern about scams involving perceived authority and impersonation, Abrigo said.
Among respondents:
- 66% of consumers ages 55 to 64 and 61% of those age 65 and older expressed concern over impersonation scams involving fraudsters posing as banks or government agencies.
- More than 56% of consumers over age 55 expressed concern over “phantom hacker” scams involving multiple impersonators attempting to convince victims their money is at risk.
- Forty-four percent of older Americans said they were unaware of phantom hacker scams.
Growing Disconnect
Abrigo also found a growing disconnect between older consumers’ fraud concerns and their comfort with digital banking tools.
According to the survey:
- 51% of Americans age 65 and older said they are extremely concerned about AI-powered fraud.
- Only 8% of consumers in that age group said they are very comfortable using financial apps.
Additional findings from Abrigo included:
- Credit card fraud ranked as the top fraud concern across all age groups at 34%.
- ACH fraud was cited by 13% of respondents and peer-to-peer payment fraud by 9%.
- Twenty percent of fraud victims reported experiencing check fraud.
- Women expressed greater concern about peer-to-peer scams than men, 45% to 40%.
- Among consumers ages 35 to 44, concern levels remained high across multiple categories, including data breaches at 59%, peer-to-peer scams at 54% and deepfake fraud at 51%.
The survey was conducted in April by Propeller Insights on behalf of Abrigo and included 1,018 U.S. adults.
