A recent report from fraud prevention platform Alloy highlights that a significant number of consumers are worried about the potential for sophisticated AI to facilitate financial scams. The research reveals that 85% of US consumers believe AI complicates the detection of such scams.
The report identifies AI-driven bank impersonations as the most common type of scam, affecting 28% of respondents, followed by voice-cloning phone calls (21%) and synthetic identity fraud (18%). Conducted by Harris Poll with 2,000 US consumers, the study found that 62% of participants have either fallen victim to scams or know someone who has. Notably, one in five (20%) reported losing over $5,000 to these incidents.
Interestingly, while there are concerns regarding AI’s role in fraud, many see it as a potential solution. A staggering 97% of respondents indicated that fraud prevention and security measures are crucial when choosing a bank. Additionally, 66% expressed a stronger preference for banks that utilize AI in their fraud prevention efforts.
Sara Seguin, principal advisor on fraud and identity risk at Alloy, noted, “The data confirms that AI hasn’t made fraudsters more sophisticated—it’s made them more efficient. A single criminal can now launch thousands of personalized attacks in minutes. What’s fascinating is that consumers understand this and are calling for banks to adopt similar AI technologies for their protection.”