A new study reveals a shocking statistic: nearly one-third of US bank customers have fallen victim to fraud in the past year.
Widespread Fraud Affecting Millions
The study, conducted by J.D. Power, found that 29% of bank customers and 22% of credit card users experienced fraudulent activity on their accounts. Major banks like Wells Fargo, Bank of America, and Goldman Sachs were all impacted. This highlights a significant problem for the banking industry.
Fraud Prevention: A Key to Customer Loyalty
Interestingly, the study also showed that effectively handling fraud incidents can actually boost customer loyalty. Customers are more likely to stick with and recommend a bank that successfully prevents or resolves fraud. However, the study points out that many banks still need to improve their customer education efforts on fraud prevention.
The Rise of “Quishing”
Adding to the problem is the emergence of a new type of fraud called “quishing,” or QR code phishing. This involves criminals embedding malicious QR codes in emails or other communications, leading victims to harmful websites or apps. Cybersecurity experts warn that quishing is becoming increasingly common.
Protecting Yourself
While banks have a role to play, customers should also be aware of potential scams and take steps to protect themselves. Be cautious when clicking links or scanning QR codes from unknown sources.
