U.S. consumers reported losing $12.5 billion to fraud in 2024—a 25% increase from 2023. How are you protecting your bank and customers this holiday season? Keep the cheer this holiday season—sign up for the ICBA Payments Fraud Loss Protection Plan (FLPP), and get help for losses stemming from:
Account takeover (including identity theft, phishing, pharming, vishing, and other social engineering tactics)
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Consumers lost a total of $27.2 billion due to identify fraud in 2024, a 19% increase from the prior year.
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There was a 442% growth in vishing operations between the first and second half of 2024.
Counterfeit and skimmed card fraud
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It is estimated that skimming costs financial institutions and consumers more than $1 billion each year.
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More than 231,000 debit cards and 3,300 financial institutions were compromised in skimming attacks in 2024.
Friendly fraud
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Friendly fraud accounted for more than a third of all reported fraud cases in 2024—an increase from 15% the year prior.
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Also called “first party-fraud,”, its recent surge in prevalence places it ahead of other major fraud types, including third-party account takeovers, scams, and true identity theft.
Lost cards and stolen cards
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Counterfeit and lost or stolen fraud account for more than 80% of card-present fraud for U.S. debit cards
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And more.
Why you should care, and how FLPP helps
Over 80% of U.S. consumers have experienced or been targeted by at least one form of fraud during the holidays, which comes as no surprise with scammers ramping up their attacks when consumers are more rushed and distracted than ever.
We know you’re:
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Investing in new security
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Skilling up your staff
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Educating your customers
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And engaging with your community
But that alone won’t protect you from card fraud losses. Make the right choice for your bank and sign up for ICBA Payments Fraud Loss Protection Plan (FLPP) today—before holiday spending ramps up and your bank is out of cash.
Get started – icba.org/flpp.