The State of Fraud and Financial Crime in the U.S.

Fraud Losses From Impersonator Scam Double For Largest US Banks

The State of Fraud and Financial Crime in the U.S.

For U.S. banks with at least $5B in assets, total losses due to fraudulent transactions added up to more than $1.3 billion in 2023, nearly doubling the $767 million lost in 2022. Fraud’s rising star? PYMNTS Intelligence’s latest study of 200 executives at the largest banks in the country finds that losses from impersonator scams — think fraudsters posing as bank technicians or the IRS — have also doubled.

Read more in “The State of Fraud and Financial Crime in the U.S.,” a collaboration with Hawk AI.

Inside the September Report
  • 55%: Share of FIs with assets of more than $5 billion that saw no change in the volume of fraudulent transactions in 2023
  • 12%: Share of fraudulent transactions from scams, with bank tech support impersonation and IRS scams most common
  • 48%: Share of FIs that either are in the process of adding or will add new tech systems to combat fraud in the next year

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