Mobile fintech (e.g., banking and payment) has become increasingly prevalent due to its convenience in managing personal finance, but it also raises concerns about increasing exposure to financial fraud and scams. This study utilized the 2024 wave of the State-by-State National Financial Capability Survey (NFCS) dataset from FINRA, conducting logistic regressions and ad-hoc subgroup analyses based on age to examine the relationship between mobile fintech adoption (both general usage and each service) and the likelihood of perceiving fraud targeting and actual financial loss. The results indicate that mobile fintech users are more likely to perceive themselves as target of financial fraud, and conditioned on perception, more likely to suffer from financial loss. The results were also confirmed by the ad-hoc subgroup analysis. These findings called for the need for consumer protection and financial education regarding the diversified mobile fintech services and possible fraud or scam exposures that may emerge, and provided practical implications for financial practitioners and policymakers.

Accepted Oral Presentation