Consumer Scams Rising in Velocity and Sophistication

Report Summary

Consumer Scams Rising in Velocity and Sophistication

Scammers targeted one in every three U.S. consumers in 2021.

 

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Shirley Inscoe
Strategic Advisor

July 19, 2022 – The incidence rate of consumer scams is growing rapidly, and fraudsters are refining their scams to be more believable and harder to recognize. The more consumers fall for scams and incur financial losses, the more regulators will press financial institutions to assume liability for these losses.

This Impact Report explores the level of knowledge of U.S. consumers about scams, their experience with scams in 2021, and whether businesses are educating them adequately to protect themselves. It is based on a survey of 3,042 U.S. consumers who were asked to share their experiences with scams in 2021.

This 26-page Impact Report contains 13 figures and two tables. Clients of Aite-Novarica Group’s Fraud & AML service can download this report and the corresponding charts.

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This report mentions GIACT and Refinitiv.

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