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83% of Americans Are Worried About AI-Powered Fraud, but Many Also Trust AI to Help Stop It
- A survey by Abrigo reveals that over 83% of Americans are concerned about AI-powered fraud, with about 60% extremely worried.
- Financial fraud is increasing due to digital transactions, data breaches, and sophisticated AI-powered attacks, resulting in over $12.5 billion lost in 2024.
- Despite concerns, 43% of Americans believe AI-powered fraud detection would increase their confidence in financial institutions.
- Nearly 72% of Americans show interest in AI-powered fraud detection tools, highlighting the potential for AI in combating fraud.
- Although 81.6% of fraud victims were satisfied with their bank's response, 62% would be likely to reduce their banking relationship if they experienced fraud.
- Consumer reliance on digital payments is increasing, with 64.1% no longer writing checks, and PayPal being the most trusted digital payments provider.
- 51.4% of consumers feel they need more education on AI-powered fraud detection, creating an opportunity for financial institutions to educate consumers.
- Fraud concerns are higher among older Americans, with just 10.1% feeling extremely prepared against emerging fraud techniques like AI-based attacks.
- Only 34.1% of Americans feel very safe with their current bank or credit union.
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