Survey: Nearly 2 in 5 Financial Fraud Victims Lost Money in the Past Year

As more Americans go online to shop, sell, and handle finances, fraudsters are finding new ways to trick people out of their money.

According to a recent Bankrate Financial Fraud Survey, about 1 in 3 U.S. adults (34%) have been targeted by a scam or experienced financial fraud since January 2024. Out of those, nearly 2 in 5 (37%) actually lost money.

Scams have evolved, too. They're no longer just poorly written messages you can easily spot. Now, it's fake job offers that require a fee, sketchy investment pitches, meme coins, prize notifications, and even messages pretending a loved one is in danger.

Being scammed is not only about losing money – it can leave people feeling anxious and unsettled. In fact, more than 3 in 5 (61%) of those who were scammed in the past year believe it will happen to them again.

Key Takeaways from the Bankrate Survey

• Scams are common. More than 2 in 3 Americans (68%) say they've experienced a financial scam at some point in their lives, and 1 in 3 (34%) were targeted just in the past year.
• Many victims lose money. Among those targeted in the past year, 37% lost money — including 19% who had their personal information misused and 23% who sent money or paid for a fake service.
• Worries about being scammed again are common. While only 37% of all Americans think they'll be scammed in the next year, that number rises to 46% among people who've been scammed before.
• Most people are taking steps to stay safe. Nearly 9 in 10 (89%) have done something in the past year to protect themselves, like changing passwords, enabling two-factor authentication, avoiding sketchy links, or monitoring their accounts.

Scams Are Becoming More Frequent and Costly

The survey shows just how common scams have become. Of the 68% of Americans who've dealt with a financial scam, about 3 in 10 (30%) have encountered more than one type.

In the last 12 months, 90% of those targeted said someone tried to access their sensitive information, like bank or credit card accounts or even Social Security numbers. Over half (57%) say those attempts didn't succeed — but 37% still ended up losing money.

That includes 19% who lost funds after someone accessed their private info, and 23% who were tricked into sending money or paying for something fake.

Scammers are taking advantage of people who are already under pressure — whether it's inflation, high interest rates, or money worries in general.

Older Adults Are More Vulnerable to Fraud— But Younger Generations Lose More Money

Baby boomers (ages 61–79) and Gen Xers (ages 45–60) are the most likely to have faced scams at some point — 73% and 71%, respectively. But Gen Z (ages 18–28) and millennials (ages 29–44) aren't far behind, at 63% and 64 %.

In the past year, boomers led the stats again: 39% reported being targeted, compared to 34% of Gen X, 32% of millennials, and 31% of Gen Z.

Interestingly, Gen Zers lost money more often than other groups. Among those scammed in the past 12 months, 53% of Gen Zers lost money — compared to 45% of millennials, 32% of Gen Xers, and just 26% of baby boomers.

That may be because younger adults were more likely to send money or pay for fake services — 34% of Gen Zers did, compared to 26% who lost money through stolen info.

Past Experiences Shape Future Expectations

When asked whether they think they'll be targeted by a scam in the next 12 months, Americans were nearly split: 39% say it's unlikely, while 37% think it's likely.

However, people who've already been through a scam are more concerned. Nearly half (46%) of past scam victims expect it could happen again, compared to 36% who say it's unlikely.

That sense of vulnerability grows even stronger among those scammed since January 2024. A full 61% of them believe they'll be targeted again, and only 27% feel confident it won't happen.

Older adults also tend to be more wary. Forty-four % of baby boomers and 42% of Gen Xers think they'll be targeted again soon. On the other hand, Gen Zers (54%) and millennials (43%) believe it's more unlikely.

How Americans Are Protecting Themselves

The good news is that most Americans aren't sitting back — they're taking action. A strong 89% have made efforts in the past year to protect their finances.

Here's what people are doing:

• 69% avoided clicking on suspicious emails or links
• 53% checked their financial accounts at least every few months
• 49% enabled two-factor authentication
• 46% updated accounts with strong, unique passwords
• 41% checked their credit reports
• 39% shredded sensitive papers before tossing them
• 34% set up spam filters on phones or emails
• 28% reported suspicious charges to their bank
• 19% looked up common scam tactics

And the more you do, the better. 77% of Americans have taken at least two of these steps, 65% have done three or more, and over half (51%) have followed four or more.

These are all smart habits to build into your routine. But you don't have to handle it all on your own — there are tools that can make it even easier to stay safe.

• If you're unsure whether a link is safe, try Bitdefender Link Checker. It's free, quick, and tells you immediately if a URL could be dangerous.
• Got a suspicious text or email? Paste the message into Scamio, Bitdefender's free scam detector available on Facebook Messenger, WhatsApp, Discord and your web browser. Scamio helps you check if something's a scam.
• For all-around digital protection, Bitdefender Ultimate Security offers advanced tools that block scams, phishing attacks, and other threats before they reach you and your family.
• If you run a small business, Bitdefender Ultimate Small Business Security helps protect your devices, secure your data, and keep scammers and hackers out.

What to Do If You've Been Scammed

If you think you've been tricked or gave away personal information, it's important to act fast — but stay calm. There are still things you can do to limit the damage.

Here's where to start:

• Contact your bank right away. Lock your accounts, report the scam, and ask if they can help recover the funds or reverse any charges.
• Change your passwords. Update passwords for your financial accounts — and make sure they're strong and unique.
• Freeze your credit. Contact the three major credit bureaus to freeze your credit reports. This can help stop scammers from opening accounts in your name.
• Report the scam. File a report with the Federal Trade Commission (FTC). Your information can help law enforcement prevent future fraud.

Getting scammed can be stressful, but you're not powerless. Take the right steps right now to avoid scams in the future.