Financial Scams are the New Customer-Churn Crisis for Banks

Financial Scams and Consumer Trust

Scammers aren’t just stealing money. They’re stealing loyalty. “Financial Scams and Consumer Trust,” a PYMNTS Intelligence report commissioned by Block, shows how fast-moving fraud is driving customers out the digital door, with even reimbursed victims walking away from their banks. Download your copy now.

Inside the November Report
  • Younger, affluent and college-educated consumers now face the highest scam exposure, overturning long-held assumptions about fraud vulnerability.
  • More than eight in 10 involve impersonation, with nearly two-thirds of victims sending money within 24 hours.
  • Reporting scams to banks sharply improves fund recovery and confidence—yet one in five victims still leave their primary institution afterward.

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