Infographic: 2024 Financial Fraud Statistics for Banks, Fintechs, and Credit Unions
Alloy compiled key fraud statistics to examine the fraud trends impacting financial institutions and fintechs in 2024. Here’s what you need to know.
Benchmarking fraud performance against recent data helps financial organizations identify areas of opportunity and strategize ways to prevent fraud.
We created this infographic of current fraud statistics to provide an overview of financial fraud in 2024. These fraud stats draw insights from data published by industry leaders like Thompson Reuters, Deloitte, and the Federal Trade Commission (FTC), as well as Alloy's 2024 State of Fraud Benchmark Report.
Key Takeaways:
- Fraud is increasing for banks, fintechs, and credit unions, with more than 50% reporting an increase in business fraud and over ⅔ reporting an increase in consumer fraud. (Source: Alloy, 2024 State of Fraud Benchmark Report)
- 35% experienced 1000+ fraud attempts in the last year, while 1 in 10 experienced 10,000+ fraud attempts. (Source: Alloy, 2024 State of Fraud Benchmark Report)
- Suspicious activity reports are up, with 39% of SARs being attributed to fraud. (Source: FinCEN, Year in Review for FY 2023)
- 25% of financial organizations reported $1M in fraud losses, while consumers reported over $10B in cumulative fraud losses. (Source: Alloy, 2024 State of Fraud Benchmark Report; Federal Trade Commission press release)
- Increasingly sophisticated fraud attempts are leading to more fraud attacks and losses. By 2027, advances to Gen AI will cost banks an estimated $40 billion. (Source: Deloitte, Center for Financial Services)
- Decision-makers in financial services have increased the use of knowledge-based authentication from 37% to 50% in 12 months, despite successful attempts by fraudsters to bypass this security measure. (Source: Alloy, 2024 State of Fraud Benchmark Report)
- Over half of banks, fintechs, and credit unions report increasing investment in third-party fraud prevention, with 3 out of 4 choosing to invest in an Identity Risk Solution. (Source: Alloy, 2024 State of Fraud Benchmark Report)
By examining these trends, financial institutions can assess their current positions and implement targeted measures to enhance their operations and customer protection. View the infographic below, or get the full-size download as a PDF or JPG image.
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Want to learn more about the state of fraud?
Select findings were extracted from Alloy’s 2024 State of Fraud Benchmark Report, created in partnership with Qualtrics, a leading research provider. The fraud report examines the experience of financial decision-makers in the United States (US) and the United Kingdom (UK) over 12 months to help banks, fintechs, and credit unions understand the impact of fraud on financial organizations.
Alloy is the leading identity and fraud prevention platform for banks, fintechs, and credit unions
Alloy stops fraud at onboarding and provides continuous monitoring throughout the customer lifecycle. Our platform combines more than 250 traditional and alternative third-party data solutions in a single, central hub to deliver industry-leading fraud risk management.
KJ McAlpin is a Senior Content Marketing Manager, Fraud Strategy at Alloy, where they specialize in writing about fraud prevention, regulatory compliance, and innovation in financial services. With a focus on helping financial institutions and fintechs navigate an evolving risk landscape, KJ highlights trends shaping the future of identity, fraud, and regulation. Outside of work, they enjoy traveling, journaling, and spending time with their two black cats.
