“Financial Fraud and Consumer Trust,” cooperation between Pimmts Intelligence and cloggedexamines how the rise of digital fraud is eroding confidence in everyday banking, commerce and payments. The report, based on a survey of 15,110 U.S. consumers conducted from September 9 to September 22, 2025, reveals how fraud has evolved from a personal nuisance to a systemic trust challenge. Nearly 4 in 10 American households have been victims of fraud in the past five years. Losses from these scams range from a few hundred dollars in gift cards or tech support plans to thousands of dollars in investment and Social Security scams. The biggest surprise is who is being hit: young, affluent and college-educated consumers, a group long considered the most digitally savvy.
Research shows that scammers adapt as quickly as the technology itself. They use artificial intelligence-enhanced impersonation tactics, social media lures, and real-time payment systems to separate victims from their funds. In 81% of successful cases, criminals posed as trusted authorities, friendly strangers or known contacts. The speed is amazing. Nearly two-thirds of victims paid within 24 hours of first contact. For banks and financial institutions, this means preventing fraud is no longer just about blocking bad transactions. This is to protect customer relationships before they break down.
In “Financial Fraud and Consumer Trust,” learn how to:
- Speed exacerbates vulnerability. Real-time payments and instant messaging channels give scammers a dangerous advantage. This forces banks to rethink how to create friction that is protective rather than frustrating.
- Scams reshape digital behavior. Victims often withdraw from online life and reduce e-commerce, social media and mobile banking activities. These behaviors have a direct impact on engagement and growth.
- Trust becomes the ultimate currency. Consumers who have recovered their funds have significantly increased confidence in their banks. Those who typically don’t leave entirely, underscore why trust recovery must be as strategic as fraud recovery.
The findings are a wake-up call for the always-on world of instant payments, where the next scam can spread faster than the next transaction and rebuilding trust may be the most serious fraud challenge.
About the report
“Financial Fraud and Consumer Trust,”one Pimmts Intelligence commissioned report cloggedbased on the U.S. Census Balanced Survey of 15,110 U.S. consumers conducted September 9-22, 2025. The report examines how fraud harms consumers and its impact on banking relationships.
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