Fear of payment and credit fraud is widespread among consumers and has implications about how they view emerging technology, according to a survey sponsored by crime prevention and risk management consultant Abrigo and conducted by market research firm Propeller Insights.
As applications of the technology become more widespread, consumers in the United States worry about the use of artificial intelligence in fraud. In the survey, 68% of consumers said they are concerned about financial fraud attempts increasing with the advancement of AI, and 74% said they believe the advancement of AI will result in the increased success of attempted frauds.
In the survey, 90% of respondents expressed concern about the rise in fraud, with 51% saying they are extremely concerned and another 39% saying they are somewhat concerned.
Fraud concerns aren’t without merit. Abrigo noted the United States Federal Trade Commission reported American consumers lost $10 billion to fraud scams in 2023, up from $3.5 billion in 2020.
Fraud already has had a major impact, as 45% of survey respondents reported that they had been a victim of payment fraud . The top three types of fraud experienced by victims were credit card, at 53%; ACH or electronic payment fraud, at 19%; and check fraud at 17%. Among victims, 24% said they lost $5,000 or more.
