18 Alarming Facts on Bank Fraud, Card Fraud and Identity Theft

18 Alarming Facts on Bank Fraud, Card Fraud
and Identity Theft

The final fraud statistics for 2021 are in, and the facts are alarming. 2021 has been the costliest, most fraud-riddled year on the books. However, once the statistics are tallied for this year, the 2022 data are likely to show fraud, and its financial impacts on consumers and financial institutions has been even worse.

The Fraud Statistics Every Financial Institution Should Know

  • Nearly one in every four Americans were victims of fraud in 2021
  • The financial impact per victim rose by 15% to $1,551
  • For FIs earning $10mm or more, monthly fraud attacks increased by 17.1%
  • FIs in this range averaged 2,320 attacks per month
  • The overall costs of fraud to FIs increased by 9.9%
  • There were 389,845 credit card (new account) fraud reports to the FTC
  • Data breaches affected 293,927,708 unique individuals
  • 1,686,121 identity theft reports were filed with the FTC, up 21.5%
  • Nearly 30% of all FTC complaints were identity theft related
  • Identity theft losses totaled $56 billion, up 79% over 2020
  • Total bank fraud volume grew by 39%
  • 1/3 of all bank fraud losses were attributed to online banking scams
  • 29% of all bank fraud losses were attributed to mobile transactions
  • 21% of all bank fraud losses were attributed to in-person banking
  • New accounts opened with stolen PII grew by 64%
  • Nearly 84,000 Americans were victimized by new bank account fraud
  • An estimated $440 million was lost through Zelle scams
  • For every $1 in fraud, Banks and Credit Unions realized $4 in losses

Clearly, the final tally on frauds in 2021 is shocking. However, its impact on banks and credit unions was likely far worse this year. It’s already estimated that fraud costs per dollar may have grown to $4.43 in 2022 and may surpass $5.99 per dollar by 2025.

ToolCASE offers the world’s most advanced transactional fraud system available. Our real-time, Ai-powered fraud detection and prevention system has already saved financial institutions hundreds of millions in fraud losses, and now, this remarkable technology can help do the same for yours.

Contact us at ToolCase.com to request a comprehensive demonstration of our capabilities, and how we can help transform your institution’s bottom line.