Despite the common assumption that the younger generation is more tech savvy, more than three in ten (31%) of 16 to 24 year olds have been a victim of online shopping fraud, compared with only 12% of over 55s, Shieldpay revealed.
Furthermore, Shieldpay found that younger victims of online fraud are also facing more significant losses compared to older victims, with those aged between 16 and 24 losing an average of £613, while those aged 55 and over lost £337.
Not only are younger generations losing more than their elders, banks are also recovering less than what they are able to for the generations above them.
On average, those aged between 16 and 24 have 42% of the money they lost returned to them by their bank or payment provider, whilst those aged over 55 managed to recover 77% of their money. Almost two thirds (65%) of the elder generation reported that they were able to recover the full amount of their lost money, compared to just 21% of the younger generation.
Shieldpay announced that the “less cautious” approach taken by younger generations online could be a cause for “disparity”. Over seven in ten (71%) of those aged over 55 claimed that they would not transfer any amount of money to a stranger online, while just 29% of the younger generation said the same thing.
Shieldpay director of consumer and small and midsized businesses Tom Clementson said: “It's often thought that older people are most at risk from fraud, yet it is the younger more tech savvy generation that are being deceived more often. Common stereotypes need to be rejected, banks and businesses have a large part to play in ensuring vulnerable consumers are protected online. That said it is still crucial that people stick to safe practice and be vigilant when buying and selling online.”
Subscribe to our newsletter to receive breaking news by email.