Bridging the trust gap: The human impact of fraud across EMEA

A new report from LSEG Risk Intelligence analyses findings from consumer research across seven EMEA countries, highlighting the wider impact of fraud - from emotional effects to behavioural change and declining trust.

• Fraud across EMEA is becoming more personal and prevalent, with rising exposure driving increased caution, behavioural change and reduced trust in financial interactions. 
• Evolving scam tactics - fuelled by technology and behavioural manipulation - are making fraud harder to detect and more likely to succeed over time. 
• Beyond financial loss, fraud is having a significant emotional impact, contributing to anxiety, embarrassment and a broader erosion of confidence in the financial ecosystem.

Across EMEA, fraud is increasingly part of everyday experience rather than a distant concern.

A significant majority of respondents (73%) say scams are rising, with nearly half (45%) describing the increase as substantial. In the past two years, 24% report being personally targeted. Among those targeted, 46% report losing money.

This growing proximity shifts fraud from an abstract risk to something more immediate, shaping how individuals approach financial activity. Phishing (48%) and payment scams (41%) remain the most commonly reported attack types, indicating that while tactics evolve, familiar methods continue to be widely used. Emerging threats such as deepfakes and quishing point to how the landscape continues to develop.

Fraud is not only increasing in prevalence but also in complexity. Advances in technology, including the use of AI, are contributing to more sophisticated scams that are harder to identify.

This is reflected in how long it can take to recognise fraud. More than half of respondents (56%) say it took up to a month to realise they had been scammed, while 15% report recognising the issue more than a year later.

When reflecting on why scams succeed, respondents most commonly point to how professional and credible they appeared (37%). Others highlight missed warning signs (23%). Behavioural factors also contribute, with some respondents citing fear of missing out (18%) or feeling under time pressure to act quickly (17%).

Taken together, these responses suggest that fraud is increasingly shaped by both technical sophistication and behavioural factors.

While financial loss is a key outcome, the findings indicate that fraud is also associated with a range of emotional responses.

Anger and frustration are the most commonly reported responses (52%), while 29% report anxiety related to finances. Feelings of embarrassment or shame are also significant (29%), particularly in the UK (47%). Some respondents also report experiences such as guilt, helplessness, loss of control or paranoia.

These responses highlight that fraud can have effects that extend beyond financial impact, influencing confidence and how individuals engage with financial decisions over time.

For many individuals, fraud leads to lasting changes in behaviour. Among those affected, 96% report making some form of adjustment after experiencing a scam.

Increased caution is one of the most common responses, with 45% saying they are more careful when making online payments. More than a third (35%) report avoiding certain types of transactions or channels altogether.

Alongside these behavioural shifts is a broader reduction in trust. A quarter of respondents (25%) report losing trust in people or organisations, indicating a wider impact on engagement with the financial ecosystem.

As fraud continues to evolve in both scale and sophistication, the findings point to the importance of strengthening trust and confidence.

Addressing these challenges is likely to require continued collaboration across the industry, alongside efforts to support individuals in recognising risks and understanding available protections. Strengthening knowledge and confidence may play a role in mitigating the broader impact of financial crime over time.