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Generation Y the most concerned about bank account fraud - yet take the most risks PDF Print E-mail
Friday, 23 October 2015
New online YouGov research commissioned by Equifax*, the credit information provider, reveals that Generation Y, whilst probably being the most technology-savvy,  seem to be the most blasé about protecting themselves from financial and identity fraud.   Released on the same day as the Government reports, for the first time, on online fraud and cybercrime in England and Wales, the Equifax research throws the spotlight on the risks being taken by consumers.

According to the new data, the youngest generation of adults appear to be the most worried about bank account fraud (35%), but they are the least worried about identity fraud (20%). In contrast, the over 55s are more concerned about ID fraud (36%), with bank account fraud the biggest concern for just 28%.

Despite their concerns about bank account fraud, half of 18 to 24 year-olds still store personal information, such as PINs and online passwords, on their smartphones. They are also the generation that does the most online banking with 60% of those with a smartphone checking their bank accounts and balances while on the move; and 44% of these admitting to doing it wherever they are. With 54% admitting to using the same password for more than one online account, compared to the national average of 40%, this makes the youngest generation potentially the most vulnerable to fraudsters.

“This new insight from our YouGov-commissioned research reveals quite different attitudes to fraud across the generations” explained Lisa Hardstaff, Equifax credit information expert. “Whilst 18 to 24 year olds admit to worrying more about bank account fraud, they still use their phones to check their bank account details wherever they are, which may mean their financial information is more exposed. And the fact that this generation are the least worried about identity fraud probably explains why they seem to be the least concerned about the security of their personal details with 50% storing such information on smartphones without, it seems, really considering the consequences. Fraudsters need very little information in order to commit fraud and a stolen phone could give opportunistic criminals everything they need.”

The YouGov research seems to support the ‘older and wiser’ adage. Just 31% of 35 to 44 year-olds admitted to storing their personal information on a smartphone and only a quarter (25%) of 45 to 54 years olds do the same. This figure goes down to just 12% for the over 55s.

“It is clear from the results of this research that people across every generation need to be alert to protecting themselves from fraud”, added Lisa Hardstaff. “From the younger generation who store more information on smartphones, to the older generations may be less credit active and therefore not check their credit information very often.

“Whatever their age, we recommend that all consumers regularly monitor their credit report for any changes to accounts or new accounts they didn’t authorise.”

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