New national survey finds that deepfake scams dominate among younger Americans while impersonation fraud threatens older Americans
Fraud in America is increasingly divided along generational lines, according to a new national survey from Abrigo, a leading provider of compliance, credit risk, lending, and data and analytics solutions for U.S. financial institutions. More than half of Americans under 35 are concerned with deepfake scams, while over 60% of those over 55 are concerned with impersonation scams.
“This data tells financial institutions that fraud strategy can no longer be one-size-fits-all,” said Jay Blandford, CEO at Abrigo.Share
While younger and older Americans see fraud risks differently and have distinct expectations of their banks, most financial institutions continue to approach fraud as a single problem with a one-size-fits-all solution.
The proliferation of fraud nationwide brings urgency to this issue. Nearly 2 in 5 Americans (39%) report being fraud victims. And 1 in 5 experienced bank fraud in the past 12 months. Among those affected, 59% report stress or anxiety as a direct result, and nearly 60% say they would reduce their banking relationship following a fraud event.
“This data tells financial institutions that fraud strategy can no longer be one-size-fits-all,” said Jay Blandford, CEO at Abrigo. “Younger customers need protection that moves as fast as the platforms they use. Older customers need protection that accounts for how authority and trust get exploited. Serving both well requires different tools, different communication, and a much sharper understanding of who is actually at risk.”
Among younger Americans, fraud blends seamlessly into everyday digital life. More than half of those 18 to 24 (53%) and 25 to 34 (55%) are concerned about deepfake scams. Peer-to-peer payment fraud is a concern for 43% to 44% of both groups. These consumers are worried about being tricked in real time.
The picture shifts entirely for Americans over 55. The threat is due to perceived authority. Impersonation scams, where fraudsters pose as banks or government agencies to steal information or payments, have awareness rates of 66% among people ages 55 to 64 and 61% of those 65 and older. That means roughly 1 in 3 older Americans may not recognize these scams when they encounter them.
Phantom hacker scams, in which fraudsters impersonate multiple officials in sequence to convince victims their money is at risk, are a concern for more than 56% for both age groups, with nearly 44% unaware of the threat. These consumers are also being targeted through perceived authority, with scammers posing as banks, government agencies, and tech support.
Generational differences also influence who consumers blame for fraud. Among Americans aged 25 to 34, the majority (51%) believe banks should always reimburse fraud victims. Among those 65 and older, only 17% agree that the financial institution bears responsibility, and nearly half (46%) say fraud is their own responsibility if they authorize payment.
More than half of Americans 65 and older (51%) are extremely concerned about AI-powered fraud. Yet fewer than 1 in 10 (8%) say they are very comfortable using financial apps. The gap matters because direct communication through a verified banking app is one of the most reliable ways to distinguish a legitimate institution from someone impersonating one, which is a distinction older Americans are being asked to make without the tools that would make it easier.
By The Numbers:
- Credit card fraud is the top concern across all age groups, cited by 1 in 3 Americans (34%), followed by ACH fraud at 13% and peer-to-peer fraud at 9%.
- Among fraud victims, nearly 1 in 5 (20%) report check fraud, despite declining check usage among younger consumers.
- Women are more concerned about peer-to-peer scams than men, at 45% versus 40%.
- Nearly 4 in 5 Americans (79%) support government legislation to address fraud.
- More than 2 in 5 Americans (42%) say banks are primarily responsible for protection.
- Among Americans 35 to 44, concern is consistently high across both digital and traditional fraud: data breaches at 59%, peer-to-peer scams at 54%, and deepfakes at 51%.