The idea that the younger generations are much less likely to fall victim to fraud than their older counterparts could well be a massive misconception – with the opposite potentially being true – Revolut, the global fintech boasting over nine million UK customers and 40 million globally, has warned.
While Revolut revealed as much as 76 per cent of customers in the UK believe that fraud is easy to identify, a huge number continue to fall victim to cybercriminals every day.
Now, Revolut has revealed that the supposedly more ‘tech-savvy’ Gen-Z and Millennials actually made up the highest number of fraud cases, accounting for 65 per cent of scams reported to Revolut in the last 12 months – almost double the volume among the older Gen-X and Boomers’ combined total of 35 per cent.
However, although older generations were scammed less frequently, the financial impact on these groups was considerably higher.
Gen-X (44 to 59 years old) made up 20 per cent of cases but incurred losses of over £10,000 on average per case, while Boomers (60 to 78 years old) made up 15 per cent and lost just over £38,000. In comparison, Gen-Z and Millennials lost £951 and £2,700 on average, respectively.
The common denominator across the scams facing all age groups was the origin, with social media most often being the source. Website scams and phone calls were common across these groups.
‘No one is un-scammable’
Jenny Radcliffe
Jenny Radcliffe, ethical con artist and social engineering expert, discussed the findings: “No one thinks it’ll happen to them. But the truth is, no one is un-scammable and sadly, it’s so much more common than people realise.
“Many scammers are talented social engineers who know exactly what levers to pull and when. The fact is that most people think they’re not important, or rich enough to be targeted or think they’ll spot the signs when they do. But when scammers raise emotions, our rational brains might not function how we thought they would. Everyone is vulnerable, and should be on high alert for the signs that things may not be as they seem.”
In an effort to save customers from fraud, Revolut has issued key advice to help stay one step ahead of scammers:
Stay alert. Always question things that seem too good to be true.
Trust your instincts. If something feels off, take a step back and investigate.
Use secure channels. Stick to trusted websites and platforms for transactions.
Report suspicious activity. If something seems suspicious, let Revolut know.
“Fraud is often not taken seriously enough until it’s too late,” explained Woody Malouf, head of financial crime at Revolut. “The data highlights how many individuals have fallen victim regardless of age and comfort with tech so it’s important no one is complacent.
“Before making any transactions, no matter how safe they seem, take your time to think about what’s being asked for and why. Never be rushed into sending money unless you are absolutely sure. If you have any doubts, stop, think and put the phone down. Your payment provider will never rush you into making transactions and Revolut will never phone you without first confirming via our secure in-app chat.”
The post Revolut: Social Media is a Key Enabler of Fraud, as Gen-Z and Millennials Caught Out Most Often appeared first on The Fintech Times.
