Gen Z most susceptible for low-tech fraud

technology/tech/generation-Z/GlobalData/fraud/Millennials/

8 January 2020
| By Chris Dastoor |
image
image
expand image

Despite being one of the tech-savvy generations, Gen Z is most susceptible to low-tech fraud, according to data analytics and consulting company GlobalData.

As encryption and security techniques get more sophisticated, fraud had instead moved to the point of least resistance, which was now credit card theft, confidence tricks and stealing banking data over the phone.

Vlad Totia, Payments Analyst at GlobalData, said different generations were affected by fraud in different ways.

“While Gen Z and Millennials are more tech-savvy, a good portion of those defrauded are done so through social engineering tricks or by simply losing their wallet or purse,” Totia said.

“On the other hand, the older generations are more prone to being fooled online.”

However, Totia said it was notable that both the Older Generation and Gen Z were prone to being the victims of confidence tricks than other generations.

“Regardless of how knowledgeable they might or might not be, people who are either very young or very old still seem to be more trusting than others,” Totia said.

“Older generations are also more vulnerable to being defrauded at merchant locations through skimming techniques, i.e. where a merchant charges more than the actual price of a product.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

TOP PERFORMING FUNDS