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01/30/2025
How Scammers Tailor Financial Scams to Individual Consumer Vulnerabilities
PYMNTS
Financial scams continue to grow more complex and difficult to detect as scammers innovate and fine-tune their tactics. Scammers are pulling from the toolkits of legitimate businesses, personalizing their offerings to attract prospective “customers.” Likewise, they are leveraging strategies to add legitimacy to the scam, customizing how they contact and convince victims to engage.
PYMNTS Intelligence’s 2024 report, “The Impact of Financial Scams on Consumers’ Finances and Banking Habits,” produced in collaboration with Featurespace, finds that financial scams have never been more prevalent. However, past estimates have underreported the full scope of scams. Data shows that 3 in 10 U.S. consumers — roughly 77 million individuals — lost money to a scam in the last five years. The financial implications are often severe. Most victims lose more than $500, and many suffer thousands in financial damage.
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