How Financial Scams Are Eroding Consumer Confidence and Financial Health
The Impact of Financial Scams on Consumers’ Finances and Banking Habits
Three in 10 U.S. consumers or their households have lost money to a scam in the last five years. Although the median loss is $545, many have lost thousands of dollars. PYMNTS Intelligence’s latest report, “The Impact of Financial Scams on Consumers’ Finances and Banking Habits,” a collaboration with Featurespace, details how scams threaten customer loyalty — and how financial institutions need to respond.
Inside the October Study
- 69%: Share of scam victims who recovered funds after reporting the scam to their FI
- 54%: Share of scam victims who consider switching FIs after a scam
- $545: Median dollar amount that victims of scams lost
