More than 1 in 5 U.S. adults have experienced financial fraud or scams involving their money, according to a new survey from the Federal Reserve. The findings come from the Fed’s 2024 report on the Economic Well-Being of U.S. Households, which, for the first time, asked Americans about their experiences with fraud and scams.
The most commonly reported type of fraud? Credit card fraud, affecting 17% of respondents. The data also revealed that older adults — particularly those aged 45 and up — are more likely to be targeted, largely due to higher rates of credit card-related fraud.
As scams become more sophisticated, awareness is your best defense. Stay informed, monitor your accounts regularly, and never share sensitive information with unverified sources.
Want to learn how to protect yourself? Visit our Security Center at MyBank.com/security for tips, tools, and the latest scam alerts.