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

Fraud Losses From Impersonator Scam Double For Largest US Banks

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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    Hawk AI Fraud and Financial Crimes Report Series