Women bear heavier toll from financial fraud in UK

Women and men in the UK experience financial fraud at roughly the same rate, but women report more severe emotional and financial consequences, according to new research commissioned by payments firm Enfuce.

A survey of 2,000 UK consumers found that three in five adults have experienced financial fraud. The results suggest the difference is not in overall exposure, but in what happens afterwards, with women more likely to report anxiety, reduced confidence, and disruption to essential spending.

Enfuce connected the findings to wider economic patterns. Research from The Fawcett Society shows women are more likely to manage household budgets and cover essential costs. Separately, Office for National Statistics data show that women in full-time roles earn, on average, 6.9% less than men. Together, those factors can leave less room to absorb losses, delays in reimbursements, or the time spent resolving fraud cases.

Different scam types

While the overall rate of fraud was similar, the survey suggests differences in the types of scams people report. Women were more likely to report online shopping scams and card-compromise attacks. Men reported higher rates of email phishing, and investment and crypto scams. Romance scams were less common, with similar vulnerability reported by men and women.

The research focused on consumer experiences and perceptions rather than confirmed fraud losses. It captured how respondents described the impact on wellbeing, spending, and behaviour after an incident.

Emotional toll

Among women who had experienced fraud, 44% reported ongoing stress and anxiety, compared with 35% of men. Nearly a third of women (29%) said they felt less safe afterwards. More than a quarter (26%) reported embarrassment and shame. A smaller but notable share (12%) said the experience damaged their confidence in managing money.

The survey suggests the emotional impact often coincides with day-to-day financial pressure. Of women who experienced fraud, 25% said they were forced to cut back on essential spending, 21% struggled to pay bills, and 14% said their ability to support dependents was affected.

These reported impacts echo concerns raised by consumer groups about the real-world consequences of fraud, including short-term cashflow problems, difficulty meeting rent or mortgage payments, and stress that can persist after money is recovered.

Payments behaviour

The research found that 28% of women changed how they made payments after experiencing fraud. Trust in payment methods also differed: 54% said cash was the most trusted method for everyday transactions, while 33% most trusted card-based payments.

Shifts in payment habits can affect how consumers use digital services such as online retail and subscriptions, as well as the uptake of newer payment products. The results suggest fraud can influence payment preferences beyond the immediate incident.

Younger women

The survey indicated a higher reported incidence of fraud among younger women. It found that 68% of women aged 18 to 34 said they had been victims of financial fraud; of those, 81% reported at least one ongoing psychological effect, such as anxiety or loss of sleep.

Some respondents also linked fraud to future financial choices. A quarter of women aged 18 to 34 (25%) said the experience was likely to affect future financial decisions, including loan or mortgage applications. The survey did not specify whether this reflected reduced willingness to apply, lower appetite to borrow, or concerns about credit files and eligibility.

Prevention concerns

Many female fraud victims expressed dissatisfaction with prevention and education. Nearly two-thirds (64%) said financial institutions are not doing enough to prevent fraud. Three-quarters (75%) said there is not enough education to help people understand the risks. A further 61% said current guidance is too complicated, and 74% said there is not enough support for vulnerable people who experience fraud.

These responses highlight the challenge banks and payment providers face in balancing security with friction. They also underline the importance of clear customer communication, particularly when scams rely on social engineering rather than technical compromise.

Denise Johansson, Co-founder and Co-CEO of Enfuce, said:

"Equal risk does not mean equal impact. If fraud leaves women feeling less confident in the financial system, then we are not closing the gender gap, we are reinforcing it. Financial institutions have a responsibility to go beyond compliance and treat fraud prevention as a core part of safeguarding financial inclusion and equality."

Sapio, an independent research agency, conducted the fieldwork in February 2026. Enfuce commissioned the research to assess how consumers experience fraud and how those experiences shape confidence and behaviour in the payments system.