A closer look at banking fraud in the US – Who’s at risk and why?

According to recent data from YouGov Profiles, a quarter of American adults have experienced bank and credit account fraud (26%), making it the most prevalent type of fraud reported. This issue spans all age groups but is notably higher among older individuals. Specifically, 37% of those aged 65 and older have fallen victim, compared to 31% of those between 45 and 64, 23% of the 30-44 age group, and 15% of young adults aged 18-29.

The reasons why individuals fall prey to banking fraud are diverse, but there are common themes related to security practices and personal behaviors. Three-fifths of victims say that data security breaches are the primary cause (61%). Nearly the same percentage feel that a lack of awareness about the types of scams contributes to the prevalence of fraud (60%). Moreover, 57% attribute the risk to being overly trusting when making purchases, whether online or in person.

Other significant factors include being too optimistic about others' intentions and not being cautious enough with personal and financial details. Each of these reasons—such as the lack of password protection (54%), insufficient safeguarding of personal details (52%), and inadequate security on electronic devices (52%) —was pointed out by over half of Americans. Additionally, more practical mistakes like entering a PIN in public without shielding it (40%) or sharing login details with friends and family (33%) were also noted.

The data underlines the importance of increasing public awareness and improving personal security practices to combat the high incidence of bank and credit account fraud. As the rates of victimization vary with age, tailored educational efforts that address specific behaviors and vulnerabilities of different age groups could be particularly effective in preventing such frauds.

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Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for the US is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.