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Infographic: 2024 Financial Fraud Statistics for Banks, Fintechs, and Credit Unions

Alloy compiled the latest fraud statistics to examine the fraud trends impacting financial institutions and fintechs in 2024. Here’s what you need to know.

Alloy Fraud Report Infographic header

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.
  • 35% experienced 1000+ fraud attempts in the last year, while 1 in 10 experienced 10,000+ fraud attempts.
  • Suspicious activity reports are up, with 39% of SARs being attributed to fraud.
  • 25% of financial organizations reported $1M in fraud losses, while consumers reported over $10B in cumulative fraud losses.
  • 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.
  • 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.
  • 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. 

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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Alloy Fraud Report Infographic

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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. 

Explore the 2024 State of Fraud Benchmark Report

Alloy is the leading fraud detection and prevention solution for banks, fintechs, and credit unions

With over 200 traditional and alternative data sources, Alloy is the industry leader in fraud risk management. Our Identity Risk Solution stops fraud at onboarding, with ongoing monitoring and prevention throughout the customer lifecycle.

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