Millennials are most vulnerable to bank fraud, report reveals

Millenials are most vulnerable to bank fraud, report reveals
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The popularity of online banking has rendered millennials as the generation most vulnerable to bank fraud according to a report from Lloyds Bank.

Scammers have turned online banking to their advantage as they victimize those in the millennial age group. The recent report suggested that bank fraud victims aged 18 to 34 are losing

New data shows that victims aged 18 to 34 are losing an average of AUD 4,750.71 to scams related to perpetrators impersonating banking staff and authorities. On the other hand, those from the older generation aged 55 and over lose the most amount of cash. Out of any age group, they lose money valued at an average of 19,358.49 despite being less likely to be fooled.

Even while millennials lose less money in scams, the number of victims from this generation has increased almost fourfold. Lloyds Bank reports that the youth are falling prey to scam much faster with the popularity and convenience of online banking.

The bank’s fraud and financial crime director Paul Davis says, “every day fraudsters are trying to trick people into handing over their personal information, like a PIN or password, or transferring cash.”

The general public has been calling on banks to increase protection against fraud tactics. Banks and payment providers are expected to provide the first line of defense against scammers.

Last Saturday the country’s financial regulator Australian Securities and Investments Commission revealed a “strategic change program” in an effort to curb bank outages, online fraud and data breaches. The regulator hopes to crack down online criminal activity involving banking.