52% of consumers have an increased fear of becoming a fraud victim
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Consumer trust was analyzed in a recent report by Telesign. Among the new findings, nearly one in three people globally report being a victim of digital fraud, with most victims reporting the crime occurred in the past six months. It also found that data breaches remain a significant driver of these fraud incidents, with nearly half of all reported fraud cases involving information stolen during a breach.
The study also found that the majority of people worldwide (58%) are more fearful of becoming fraud victims now than they were two years ago. This heightened fear of fraud is consistent across various demographics and regions, highlighting the growing global anxiety around digital security fueled by the rise of AI.
Globally, most people (58%) are more fearful than they were two years ago. Half of those surveyed (52%) have an increased fear of being the victim of fraud due to an increased necessity to submit personal information online, while 34% attribute the increased fear to someone they know becoming a victim of fraud, illustrating how new technology and personal connections amplify concerns.
Data breaches remain a significant driver of fraud incidents, with nearly half of all reported fraud cases involving information stolen during a breach. As more brands fall victim to data breaches, the number of fraud incidents linked to stolen data continues to rise year over year.
In the United States, 30% of respondents reported being victims of fraud in the past three years, with 59% of these cases occurring within the last six months. This marks a notable 31% increase from the previous year. This surge is likely driven by the rapid evolution of fraud techniques, including the use of Generative AI. Fraudsters are increasingly deploying sophisticated AI tools to conduct more frequent and complex attacks, making it harder for consumers to protect themselves.
The study’s findings reveal notable differences in fraud victimization rates among different demographics. Men report higher victimization rates than women (55% vs. 45%), while younger generations, particularly millennials, experience fraud more frequently than older generations - 45% of all fraud victims are millennials, compared to 28% of Generation X and 15% of Baby Boomers. This marks the second consecutive year that millennials have been the most targeted generation, underscoring the need for fraud protection solutions powered by AI to protect the integrity of personal data.
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