13 Important Fraud Statistics Every Financial Institution Should Be Paying Close Attention To

13 Important Fraud Statistics Every Financial Institution Should Be Paying Close Attention To

2022 was a banner year for financial criminals, and a terrible year for risk and fraud management teams. More money was stolen from banks and credit unions last year than perhaps any other year in history.

However, with the instant payments that FedNow will bring this July, 2023 may very well surpass last year as the most fraudulent year in history.

Here are some fraud statistics you should be paying close attention to:

  1. 70% of financial institutions lost over $500K to fraud in 2022:[1]
  2. FTC data show consumers reported losing $8.8 billion to scams in 2022. An increase of more than 30% over 2021[2]
  3. The FBI says online scams cost US consumers $10.3 billion last year, up 49% over 2021.[3]
  4. Javelin Strategy & Research says identity fraud related losses totaled $43 billion last year.[4]
  5. According to FinCEN, Nearly 460,000 check fraud cases were reported in 2022. An increase of 84% over 2021.[5]
  6. Nearly 50% of all fraud cases involve accounts that are less than 24 hours old.[6]
  7. Fraud rates at credit unions increased a whopping 70% in 2022[7]
  8. 90% of consumers worry about fraud with digital banking.[8]
  9. When opening a new account, 74% of depositors say they’re concerned about the institution’s fraud protections. [9]
  10. It is estimated that for every $1 in fraud, financial institutions average $4.36 in resolution costs.
  11. A $10,000 fraud leaves financial institutions on the hook for an average of $43,600 in losses.
  12. Only 27% of Credit Union executives invested in modern fraud management and mitigation systems last year, down from 57% in 2021.
  13. FedNow will launch this July. The likelihood of a massive increase in transactional frauds is currently incalculable.

RemrandtAi Logo

The time to invest in proper, real-time artificial intelligence backed fraud detection and prevention is now. With FedNow officially launching in July, your institution’s risk and fraud management team will almost certainly see
a massive increase in transactional fraud.

Empower your team with RembrandtAi. The most advanced fraud detection and prevention system ever devised.

Discover The Real-Time Fraud Detection and Prevention Power of RembrandtAi




[1] 70% of Financial Institutions Lost Over $500K to Fraud in 2022: Weekly Stat (cfo.com)

[2] New FTC Data Show Consumers Reported Losing Nearly $8.8 Billion to Scams in 2022 | Federal Trade Commission

[3] Will the US embrace the UK Contingent Reimbursement Model to fight online scam losses? – Thomson Reuters Institute

[4] Identity Fraud Losses Totaled $43 Billion in 2022, Affecting 40 Million U.S. Adults (javelinstrategy.com)

[5] Criminals use Telegram to recruit ‘walkers’ as America’s big banks see an 84% increase in check fraud (cnbc.com)

[6] Understanding the Threat of Card Transaction Fraud and its Impact on the Financial Ecosystem | Waylay Blog

[7] Credit union fraud rates increased by more than 70% in 2022 | Security Magazine

[8] 90% of consumers worry about digital bank fraud. Here’s how to mitigate their concerns | Entrust Blog

[9] Top 5 Surprises from FICO’s Fraud and Digital Banking Survey

To show that data breaches and cyber attacks affect millions of people worldwide