The 2022 IBM Global Financial Fraud Impact Report mentions that US citizens are more prone to become victims of financial fraud, as opposed to other consumers. On average, an American consumer pays USD 265 per year in fraudulent financial charges, as global customers switch to credit card and digital payments massively.
According to the same study, respondents from Germany were the ones losing the most money on fraudulent charges, with the US and Japan residents reporting the lowest amount of financial losses in 2021.
The general consensus among respondents is that banks represent the financial institutions most responsible with fraud prevention, as opposed to card scheme issuers like Visa and Mastercard. Moreover, around 22% of the people surveyed claimed they lack confidence in their bank or credit card issuers’ ability to handle suspicious activity and prevent fraudulent charges.
In terms of generational differences, the report states that Millennials are the biggest victims of all forms of fraud, from card fraud to banking, digital wallet, and tax fraud. Millennials are also the ones spending most of the time trying to recover money lost due to fraudulent charges.
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