Fraudsters taking advantage of digital ‘over-confidence’ of younger customers
Today’s data shows a rather surprising situation with younger generations of banking customers being impacted significantly more so than older consumers throughout the UK. Despite the common sentiment that older, wealthier and less technologically-native consumers are most at threat from bank fraud, almost half (48%) of 25-34-year-olds have or know someone who has been a victim of fraud, in comparison to other age groups, such as 45–54-year-olds where less than a third (31%) have been impacted. Of those aged 55+, only 24% of respondents had been affected by fraud themselves, or knew of someone who had been affected by fraud.
Our data found that £570 is the average amount being stolen in a fraudulent event, which is having a direct impact on the confidence that customers have in their banking partners.
As the 55+ age group are losing the most on average to fraud, you may think this would diminish their confidence in banks when it comes to keeping their money safe. However, our latest data shows that of all age groups in the UK, older banking customers (those aged 55+) are incredibly confident in their banks’ ability to keep their money safe, with 92% believing their money is secure, and 57% believing it is very secure. Of this age group, only 14% are worried about their banks’ security and fraud prevention measures.
By comparison, 27% of 25-34-year-olds advised that they are worried their banks’ security measures are not fit for purpose.
