2024-07-13 13:45:01
Young people are the main targets of card fraud, despite the misconception that older generations are more vulnerable. This follows from data from Revolut for Greece, according to which the age group belonging to Gen-Z (18-27 years old) together with Millennials (28-43 years old) represent 53% of fraud cases reported to Revolut in the last 12 months. Specifically, according to company data:
– Last year Millennials (ages 28-43) and Gen-Z adults (ages 18-27) combined accounted for 53% of fraud reports, while older generations (Gen-X and Boomers) accounted for 42% .
– Gen-Z users accounted for 32% of fraud incidents reported in the last year.
Based on the same data, fraud incidents were lower in previous generations, but the economic impact for Boomers was significantly higher:
– Although Boomers (ages 60-78) accounted for just 16% of incidents, they suffered losses of more than €2,000 on average, while Gen-Xers (ages 44-59) lost €970 on average, making up 26% of total.
– Gen-Z and Millennials lost an average of €955 and €1,090, respectively.
As Revolut notes, the common denominator in fraud experienced by all age groups was origin. Scams on social media and websites were the most common source. Website scams and phone calls were common across all age groups, with an emphasis on Gen X however, where website scams were found at 60%, while Millennials are more vulnerable to social media scams at 75%. These findings are published following the launch of Revolut Secure, a system that brings together all of Revolut’s advanced security features to give customers more control over how their money is protected.
Revolut’s advice to its customers is:
– Be careful. If something seems too good to be true, then it’s probably a scam.
– To use safe means, choosing reliable websites and platforms for transactions.
– To report any suspicious activity.
Source kathimerini.gr