Gen Z more likely to be a victim of confidence tricks

People of different ages fall foul of different types of payment fraud, but new research suggests Generation Z are more likely to be a victim of fraud through confidence tricks.

One of the more worrying aspects of the new research from GlobalData was the most common cause of fraud for those in the age group simply came from losing their wallet or purse.

Confidence tricks were a common causality of fraud for both the Generation Z and the elderly. These tactics rely on building trust with a victim before they scam them out of funds.

Speaking to UKTN, GlobalData payments analyst Vlad Totia said, “One constant trend to observe is the fact that both the Older Generation and Gen Z are much more 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.”

The biggest types of fraud Baby Boomers appear to be susceptible to are those from online shopping, ATMs and login details being stolen or hacked.

Millennials and Gen X seem less likely to be hit with fraud with the biggest threats being telephone banking details being stolen and mobile banking details being stolen or hacked, respectively.

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