WASHINGTON— U.S. adults overwhelmingly trust banks more than any other institution to protect them from fraud, according to new survey data released by the American Bankers Association.
In the Morning Consult survey conducted for ABA, 45% of consumers said banks are the entity they trust most to protect them from fraud—far ahead of the next closest category, non-bank fintech payment providers at 9%. Healthcare providers and government each drew 7%, while cryptocurrency companies and major retailers were each at 2%, and telecom firms at 1%.
The findings come as banks intensify their push in Washington for tougher action on scams that often originate outside the banking system. ABA said 86% of bank customers believe their bank takes proactive steps to protect them from fraud and scams, while 72% said banks do more than businesses in other industries to protect consumers.
The survey also found that 54% of consumers have received a fraud alert from their bank about suspicious activity, and 96% of those who received such alerts said they found them valuable. Notably, 60% of those consumers said they are concerned about regulations that could block banks from sending fraud alerts if a customer opts out of other text messages—an issue tied to ongoing FCC review of Telephone Consumer Protection Act rules.
At the same time, consumers expressed strong support for policy changes aimed at stopping scams before they reach financial institutions. Seventy-six percent said they have seen fraudulent or deceptive ads and messages on social media, while 78% said they support federal legislation requiring social media companies to do more to identify and remove fake accounts and scam ads. Another 77% said they support regulatory action requiring telecom providers to do more to authenticate callers and stop spoofed caller ID.
“America’s banks work around the clock to protect their customers from fraud, and consumers see and appreciate those efforts,” said ABA President and CEO Rob Nichols. Nichols added that while banks continue investing heavily in fraud detection tools, many scams begin on social media platforms or through spoofed calls, making action by telecom and social-media companies increasingly important.
Beyond fraud, the survey also found consumers remain broadly satisfied with their banks. Among banked Americans, 85% said they are satisfied or very satisfied with their primary bank, 92% rated their bank’s customer service as excellent, very good or good, and 73% said the nation’s banks are a source of strength for the U.S. economy. The poll was conducted online Feb. 21-25 among 4,456 adults and carried a margin of error of plus or minus one percentage point. Credit unions were not mentioned in the report.