Fifth Third Launches In-App Phishing Reporting Tool to Combat Bank Impersonation Scams
Event summary
- Fifth Third introduced a new 'Report Phishing' feature within its SmartShield® mobile app experience to help customers identify and report bank impersonation scams.
- Since its January soft launch, the feature has flagged nearly 25% of user-submitted content as fraudulent.
- SmartShield® has over 5 million unique users since its 2024 launch, with approximately 650,000 unique users engaging monthly.
- Fifth Third prevented millions of dollars in customer losses from scams through intervention tactics in 2026.
The big picture
Fifth Third's new Report Phishing feature addresses the growing threat of bank impersonation scams, which cost Americans $20.9 billion in 2025 according to the FBI. The tool is part of a broader industry trend towards enhancing digital security and customer education to combat sophisticated financial crimes. Fifth Third's proactive approach aims to reduce customer losses and build trust in its digital banking platform.
What we're watching
- Fraud Detection
- How the effectiveness of the Report Phishing feature will evolve as scammers adapt their tactics.
- Customer Adoption
- Whether the increased engagement with SmartShield® will translate into higher adoption of Fifth Third’s premium identity protection services.
- Regulatory Compliance
- The pace at which regulatory bodies will mandate similar fraud prevention tools across the banking industry.
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