Americans Trust Banks Most for Fraud Protection

A new national survey finds that citizens prefer banking institutions over tech firms for security.

Updated on Oct. 26, 2026 in Banking

Isometric editorial illustration of a heavy, monolithic vault door, representing institutional security and public trust in banking systems. — A national survey finds 44% of Americans trust banks most for fraud protection, favoring established institutions over digital and social media firms. AI Illustration. Upload story photo >

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Should federal law force social media and telecom companies to do more to stop fraud?

A national survey reveals that 44% of Americans trust banks most to protect them from fraud. In contrast, only 8% of the public trusts the government, while nonbank fintech providers and AI companies garner significantly less confidence.

Why it matters

Consumers increasingly view social media and telecommunications firms as responsible for blocking scammers before they reach the public. This shift in sentiment underscores a growing demand for legislative action to hold these platforms accountable for security lapses.

A survey of 4,402 U.S. adults shows 44% trust banks for security, while 83% of bank customers feel their institutions take proactive steps against scams. Meanwhile, 72% of respondents report encountering fraudulent messages on social media.

The players

Morning Consult

This global intelligence company provides data and insights on public opinion regarding brands, politics, and business trends.

The details

The survey results highlight a significant disconnect between the trust placed in financial institutions and the skepticism directed toward digital platforms. With 79% of Americans supporting laws that force social media companies to remove fake accounts and 82% backing telecom authentication rules, the public is calling for stricter oversight of non-financial service providers.

The survey was conducted from Oct. 9-12, 2026.

Market Dynamics

The push for new telecom authentication regulations seeks to modernize the existing standards set by the Telephone Consumer Protection Act. These survey findings reflect an updated public demand for stricter enforcement that builds upon the framework of that legacy legislation.

Increased consumer confidence in banks may lead to higher customer retention and continued reliance on traditional financial institution security tools. Readers should expect potential legislative changes that could affect how social media and phone providers handle user verification.

The takeaway

Banks remain the primary shield for consumers, but the public is actively demanding that tech and phone companies take more responsibility for security. Readers should remain vigilant against social media messages while continuing to utilize the fraud alerts provided by their own banks.