Consumers More Afraid of Credit Card Fraud Than Retirement Fraud: LIMRA

In general, the study found that almost 80% of American consumers surveyed, weighted for the population, are concerned about financial fraud.

LIMRA SRI stated in a release accompanying the report that consumers tend to worry about "high-touch" products, such as credit cards and bank accounts, much more than they worry about retirement vehicles such as long-term savings accounts, like workplace retirement plans, IRAs and annuities.

The spike in retirement plan product fraud "is driven not only by the increased appeal of financial accounts that hold larger pools of money, but also by new developments in security for credit and debit cards that have prompted criminals to re-evaluate their targets," stated Ryan Scallion, a LIMRA SRI associate research analyst.

More than one in 10 American consumers have fallen victim to financial fraud in the past two years, according to the report. Indeed, in 2017, identity fraud losses totaled $16.8 billion, according to a 2018 report by Javelin Strategy & Research.