Photography: Getty Images; Illustration: Bankrate
Bankrate’s latest national survey finds that despite taking precautions to protect themselves, more people, especially older white Americans, say they’ve experienced some form of financial fraud in the past year.
Experts say scammers are becoming increasingly sophisticated, using artificial intelligence to replicate audio and create more authentic-looking videos and fake emails.
To protect our finances, they say we need to be more vigilant and be able to alert authorities as soon as we suspect something is wrong.
Most of us have been scammed at least once
According to the poll, four in 10 adults (40%) say they have been involved in some type of financial fraud or fraud in the past 12 months. Additionally, more than 7 in 10 (73%) have experienced financial fraud or scams at some point in their lives. This is up from 34% and 68% respectively in a similar bank rate survey conducted last year.
“Thanks to artificial intelligence, scammers are becoming more sophisticated and reaching out to more people than ever before,” said Bankrate analyst Sarah Foster. “At this point, it may be wishful thinking to think you’ll never run into someone trying to steal your information or money.”
The survey asked respondents whether they had ever been the target of financial fraud or an attempt to steal their personal information, and if so, whether those attempts were successful. The responses were then compared to a similar survey from last year.
Overall, more Americans said they have been the target of some type of financial fraud this year. This increase was consistent across age groups, incomes, and education levels, with the largest increases among older white respondents.
For example, half (50%) of white respondents age 55 and older said someone had tried to access their personal or financial information or spent money on what turned out to be a fake service in the past 12 months. This is an increase of 13 percentage points from last year.
In contrast, 39% of whites ages 35 to 54 and 35% of whites ages 18 to 34 had the same experience. They have increased by 6 and 3 points, respectively, over the past year.
AI is making it harder to spot fraud
Financial fraud prevention experts said the findings confirm what they have independently found: financial fraud is on the rise in the United States, and so is the public’s awareness that they are being targeted.
Kathy Stokes, head of AARP’s fraud prevention program, said fraudsters are increasingly deploying AI to steal their targets’ personal information. New technology “makes these frauds almost, in some cases, completely undetectable,” Stokes said.
“Fraud has never been easier,” said Mason Wilder, research director for the Association of Certified Fraud Examiners. Wilder said financial fraud is so prevalent that “everyone expects to be targeted almost constantly.”
The survey found that more Americans believe they will be targeted by financial fraud in the future (52% in 2026, 37% in 2025). Still, more Americans have taken steps to protect their finances from financial fraud and scams in the past 12 months than in the previous year (95% in the 2026 survey and 89% in the 2025 survey).
The majority of adults say they now avoid suspicious links and emails (79%), regularly check their financial accounts (67%), enable two-factor authentication on personal accounts (61%), and shred sensitive documents before destroying them (55%).
“There is no longer a foolproof way to avoid being targeted by fraud, and even Americans who take these steps can still fall victim to fraud,” Foster said. “If you think you’ve been scammed, it’s important to act quickly. Contact your bank immediately, report it to the Federal Trade Commission, place a fraud alert on your credit report, or lock your account if necessary.”
What to do if you fall victim to financial fraud or scams
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Contact your bank or financial institution immediately. If money is withdrawn, transferred or claimed:
- Call your bank or credit card company immediately.
- Report and dispute suspicious charges.
- Asks if the transaction can be stopped or canceled.
- change password
- report an incident Contact local law enforcement or the Federal Trade Commission (FTC). This creates a paper trail that can be important later on, especially if a reparation program becomes available. Consumer fraud hotlines, such as AARP’s Fraud Watch Network helpline, are also available for guidance and support.
- Please do not send more than that. Do not transfer additional funds to “recover” lost money or respond to urgent requests involving gift cards or virtual currency ATMs.
- Set up a fraud alert monitor your account closely